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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13329
Experience:  Solicitor with more than 30 years experience
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I was in Partnership with my brother running a small business

Customer Question

I was in Partnership with my brother running a small business for 8 years. It was a partnership at will and we both put in half. He walked out a year ago and I have been paying him a monthly amount most of it v high interest to avoid selling. He is now pushing for a sale. I have spent the last 9 months courting the banks and at last have a major high street bank backing me and are prepared to offer an amount to pay off my existing business loan, and my brother. However my brother wants more. I can only pay a lump sum as aloud by my new bank but have increased the offer to my brother to include a second charge payable over the next 4 years from profits. He has rejected even though the total amount is the same as if we went to sale.
This business is my only source of income and I live on site with my family. My brother has bought another property locally and also owns a further property in the midlands. He is retired and is comfortably off.
I do not want to lose my home and livelihood. I have nothing else. My brother it seems simply does not want to sell to me. How do I stand?
Submitted: 4 years ago.
Category: Law
Expert:  Senior Partner replied 4 years ago.
Hi can you give me a little more background? What is the nature of the business? Why do you need to buy him out?
Customer: replied 4 years ago.

I own and run a boarding kennels and dog training establishment. I need to buy him out since he was not happy with the arrangement after being in partnership for 8 years and now simply wants his money!

Expert:  Senior Partner replied 4 years ago.
Ok so the business is dependent on the property which I assume is in joint names. In that case the advice you have had is I am afraid correct. If the partnership has been dissolved then the assets should be sold and the proceeds divided unless there is an agreement otherwise.

Is the business profitable or is its value solely the value of the property?

Why were you paying your brother interest? He should only receive a share of the profits.