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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 22624
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street Practice
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hi, I am currently in a business partnership as a 50% owner.

Customer Question

hi,
I am currently in a business partnership as a 50% owner. Myself and my business are in dispute in lot of areas and he has become unreasonable to compromise or excpeting responsibilities.

Therefore I would like to leave the business by selling my share. what i would like to know is what are my rights on selling.

If he does not want to buy me out, can i sell my share to anyone who wishes to buy without his consent?

If i cant find a buyer can i take 50% of the assets and leave and set up on my own?

we do not have a partnership agreement.

regards

Darren
Submitted: 4 years ago.
Category: Law
Expert:  Stuart J replied 4 years ago.

Hello, I am Law Denning and I am a practising solicitor in a High
Street practice. I have been an expert on this website in UK law since 2008.
During that time, as you appreciate, I have answered thousands of questions
from satisfied users on a variety of subjects.
Because we are all in practice with clients and court and other
users, I might not always respond in
minutes, particularly evenings and weekends. Please bear with me in that
case

It is my pleasure to try and assist you with this today. Please bear with me
while I gather some further information from you in order for me to be able to advise you fully.

When did you form the partnership?
Customer: replied 4 years ago.

the partnership was formed in February 2010

Expert:  Stuart J replied 4 years ago.




I
assume that this is indeed a partnership and not a limited company.

If you
do not have a partnership agreement, then the partnership is governed by the
1890 Partnership Act.



There
is no provision in the Act for retirement/resignation or death of one of the
partners. In that case, the partnership is dissolved and the assets sold off
unless you can come to another agreement.



There
is no provision, in the absence of you agreeing it between you, for one of you
to take the assets over or to sell your partnership to someone else.



There
is nothing to stop you leaving and setting up on your own, as indeed there is
nothing to stop him. The assets however, would have to be sold on the open
market, but you would be free to buy those.



I
appreciate that this is not the answer you wanted but there is no point in me
misleading you. I have a duty to advise you truthfully and honestly, even if
that answer is unfavourable.



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I am
off-line shortly but will pick this up later because I am on and off-line each
day and weekend so please bear with me.