I am in a 50/50 S corp partnership...I have found pot and other substances in an office closet, which he admitted to. he has taken items out of the office and sold them for his own gain. His sales have dropped tremendously, does not show up very often and is just plain lazy. I have talked to him about this, but he just shrugs his shoulders and says he will pick up the pace, which has not happened. Is there anything that can be done? or do I just have to do deal with it in order to keep the coming growing?
Thanks.
2007-04-27 06:10:02 · 9 answers · asked by Rick M 1 in Business & Finance ➔ Careers & Employment
Check your partnership agreement and consult an attorney. Because it's 50/50.. firing him flat out could lead to a lawsuit against you. If this is a huge problem, definitely bring your partnership agreement to an attorney and take it from there. I've read about nasty cases (I'm a law student) where something as simple as this turned into a huuuuuge legal mess and battle that turned into a multiple-year ordeal. Better to know all of your options before executing a plan.
2007-04-27 06:18:36 · answer #1 · answered by freedomsring23 3 · 0⤊ 0⤋
The nature of this 50/50 partnership puts you in a very difficult position. You may have to go to court to divide the assets. You definitely can't fire him. Try talking with a lawyer first, but consider offering to buy your partner out before he brings you both down. Good luck!
2007-04-27 06:14:13 · answer #2 · answered by CSUflyer 3 · 1⤊ 1⤋
As a 50/50 Partership, you are legally responsible for any work related activities performed by your partner. I would suggest offering to buy him out. If that does not work I would consult an attorney.
2007-04-27 06:13:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Tell him he either leaves or you'll report his drug use to the police.
Also, deduct his theft values from the partnership value, which gets him below 50%
Also, you don't have a partnership you have a corporation. He stole from that. That is a felony!
2007-04-27 06:14:24 · answer #4 · answered by Anonymous · 1⤊ 0⤋
The regulation lists various explanation why a organisation won't be able to discriminate. maximum motives for firing are criminal, yet not those few particular motives. The motives are actually not options, they're inherent features not decrease than the administration of the guy. it incredibly is incredibly clever for a society to guard human beings from discrimination per such motives.
2016-10-30 10:50:35 · answer #5 · answered by wheeington 4 · 0⤊ 0⤋
Refer to your bylaws of the corp to see the rules on dissolving the corp or expelling a shareholder. If no bylaws see your state's statutes. It is not as easy as you may think.
2007-04-27 06:14:54 · answer #6 · answered by StephanieS 2 · 1⤊ 1⤋
Better than that, fire yourself out of that partnership!
2007-04-27 06:13:27 · answer #7 · answered by Sami V 7 · 0⤊ 1⤋
You cannot fire a partner, but I think you can buy him out or have him buy you out....
2007-04-27 06:13:12 · answer #8 · answered by monkey 4 · 2⤊ 1⤋
I would buy him out.
2007-04-27 06:22:26 · answer #9 · answered by blondietatt04 5 · 0⤊ 0⤋