My father in law and his 2 sons have been in a business together for 18 yrs - each year they split the profits of the business. This year because of problems getting along, they decided to redo the partnership. Bro in law quit coming to work(still got paid) and then after 3 months at a meeting to discuss the new partnership agreement and whether he would come back hesaid he had retained an attorney and demanded that he not be forced to work with his bro ever and that his bro not talk to him and that he have control of the business. My FIL and my husband left the meeting after voting him out of the partnership and now life is a mess. My father in law put all of the money into the business and we(bro and BIL) contributed labor but no capital. All of land and such are in FIL's name. We have been informed lawsuit papers are coming suing for a 3rd of the business, inlcuding land and such. What should I expect???? This is a poor synopsis of things but the best I can do.
2007-10-30 03:41:05 · 2 answers · asked by absent farmer 6 in Business & Finance ➔ Other - Business & Finance
Partnership states that they would liquidate-but the 2 dont want to- they have estimated the value of the partnership according to assets and liabilities and it comes out about even. It is sad that it has come to this because if the bil would have done it different the fil would probably have given him a settlement without the fight.
Yep, we have an attorney, he ways we are sitting okay btw bro in law is our next door neighbor and is going to be evicted by fil(he owns the property) We're keeping our heads low.
2007-10-30 04:18:58 · update #1
Expect a mess, I guess. Your BIL might not win anything, but he can still cause a lot of trouble for you and your husband, and for your FIL. I assume you have retained a lawyer. A lot will depend on what the original partnership agreement says - if it says that if it dissolves, each of them gets 1/3, he might or might not be able to just opt out. If a lawyer drew up the partnership papers in the first place, there should be something specified as to what happens if one person wants out. If they just drew it up themselves and didn't cover that possibility, then everyone will pay the price now for what they saved by not having a lawyer back 18 years ago.
Good luck.
2007-10-30 04:04:53 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
Try your hole hearted best to sell your share an get out with as much as you can.. The heart ship will get harder an if things go badly wrong you could lose a hell of alot of money.. Get out asap i reckon
2007-10-30 04:06:53 · answer #2 · answered by Irish816 3 · 1⤊ 0⤋