Buy out partner or dissolve business?

Question

I have an LLC partnership.  My partner and I have had a falling out.  I'm not sure what to do with the business or the best way to handle it.  I have put a lot of time and effort into getting it started.  It's still not quite off the ground yet, but all the paperwork has been filed.  We never got around to signing a partnership agreement.  What are my responsibilities as far as buying him out or removing him from the business?  I don't want to dissolve it if I don't have to.  I'd like to take it over and make it my own.  Will I have to re-file as a sole proprietorship?  What do I do about buying him out?  Am I only responsible for paying him back what he's put into it?  We have no real assets at the moment.  There is the cost of the website, the paperwork that was filed, ad the cost of having a logo made.  Most of which, I paid for on my own.  He has paid part of some things.  How do I go about this?  We are in Florida if that makes any difference.

Anonymous · Accepted Answer

you need ground rules for dealing with disaggreement.........

example, if either of you says no, it's no.

or to end it now.........tell him--we need to talk--
                                               --we are never going to be able to
                                                  work together
                                                --I;m going forward without you

if he just walks, fine--------if you need to come up with cash, negotiate it
                                               have your lawyer halt the paperwork

Anonymous · Answer

Have her provide you the 1st cost. Then, cite well-known prepare of 30 to 50 %. First rule of negotation is to get a cost from the different guy or woman. you will get it excited approximately unfastened.

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Buy out partner or dissolve business?

2 Answers