How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Buachaill Your Own Question

Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10457
Experience:  Barrister 17 years experience
53108719
Type Your Law Question Here...
Buachaill is online now

I set up a landscape business with a friend in a 50/50

Resolved Question:

Hi,
I set up a landscape business with a friend in a 50/50 limited partnership. Over the last year he has repeatedly faid to; turn up, be involved in day to day running of the company, caused us to loose profit, be involved in illegal activity with both drugs and business I.e cash work.
When I question him and try to encourage him to be more involved he would turn off his phone, block any communication I try. Now he has arranged a meeting with our accountant to dissolve the company.
I have invested everything into the business and we have built a fantastic customer base and reputation.
I want to continue without him, How do I do this? He will most definitely want to sell everything and ceased trading under our name
Submitted: 9 months ago.
Category: Law
Expert:  Buachaill replied 9 months ago.

1. Dear Steven, at the outset, you need to realise that you cannot force someone to work or to continue in partnership with you. If this friend wishes to dissolve the partnership and seek to work elsewhere, you cannot in law, force him to continue working in partnership with you. Accordingly, at this stage, you need to consider what form of business you wish to have yourself after the partnership has been dissolved, or else, you buy him out of the partnership and reach some agreement as to no longer use his name.

Expert:  Buachaill replied 9 months ago.

2. However, you will need to consider what form or structure you wish to trade under. Do you wish to be a sole trader or do you wish to incorporate a limited company and trade as a corporate venture? However, some plan must be set out for you to move forward. However, you cannot force someone to be your partner in a partnership, so for that reason you need to realise that the previous arrangement with your friend has come to an end.

Expert:  Buachaill replied 9 months ago.

3. Please Rate the answer as unless you Rate the answer your expert will receive no payment for answering your question.

Customer: replied 9 months ago.
Thank you for the advice, but I don't want to force him to do anything.
I've just invested all I have and he could try and take more than most would consider to be a fair share.
Yes he is a 50% share holder but I have done 90% of the effort and financing. what If he wants my to buy him out with 50% of the value of the company?
Expert:  Buachaill replied 9 months ago.

4. When a limited partnership gets wound up, there are rules laid down as to how the assets of the partnership and the capital invested has to be divided up. So, you will get any capital invested back. Then it will be equal division. However, there is no computation of what effort was put into the venture. Ultimately, if there is to be some agreement as to buying out, you will have to negotiate with him. Otherwise, the statutory scheme for winding up applies, which is basically that you get your capital back and then it is equal division of the remainder.

Buachaill, Barrister
Category: Law
Satisfied Customers: 10457
Experience: Barrister 17 years experience
Buachaill and other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice