How do I but out my NEW business partner?
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We have only been in business 8 weeks and my partner informed me she had to get a job 3 days/week to help with her own personal costs. She suggested I find someone to employ for those 3 days and she could only work 2 days. I found this to be not in my best interests as there has been extremely limited income for both of us. She has already taken a weeks leave and we can't pay ourselves let-a-lone someone else. I said it would be in my best interest to buy her out. After many discussions she has agreed. Now I don't know what to do next. I have finance approved to take over existing loan...but what now?? Can someone give me any ideas???
How do I but out my NEW business partner?You have NO contracts or paperwork with her? She doesn't want to work, this business is less than two months old...and you're panicking.....
If the loans are in both your names, you need to contact the bank about this to get hers taken off. She made an investment that she lost interest in and won't follow through with--at this point I'd just focus on any paperwork that has both your names on and tell her she'll be responsible for the debt unless you come to some sort of agreement.
Consultations with a lawyer have the first 1/2 to 1 hour free, this would be a good time to get hold of one and see where you stand legally. It's NOT good that no paperwork was signed between you. On one hand you can say 'screw it' and blow her off, on the other you've got both your names on any loan papers and licensing. The license stuff you can contact the appropriate places and have her name taken off, but the stuff regarding money, you need to be careful with. Get a consultation with a lawyer.
How do I but out my NEW business partner?What is a shill for 500 points Chuck?
How do I but out my NEW business partner?What % does she own, do you have a contract what are the terms. imo sue her
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