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My dad has a law firm and for many years he had a partner (until the partner retired). They each had a 50% share in the business. They never had any problems, but I was wondering what could have been done if they did.
Let's say that your partner just stops caring and takes naps or plays solitaire on his computer all day instead of working. You obviously can't fire him. If there are multiple partners and the bum has a minority interest, the others could kick him out. But what happens if there are only two and they each own 50% of the business?
1. Buy out the remainder of the business.
2. Start a new business and take clients and staff. This only works if your business agreement does not forbid it.
Assuming the working relationship can't be fixed, this is your answer.
Quote:
Originally Posted by NJBest
1. Buy out the remainder of the business.
2. Start a new business and take clients and staff. This only works if your business agreement does not forbid it.
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