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In California, can we force a partner of hours out of the partnership when he has not contributed his $10,000 that was required as part of the initial agreement. We simply want to exclude him now and do not want to deal with him any further, but he says we can't do that oh, though he doesn't really explain why.
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Check your partnership agreement for the terms on expulsion.
If you have no agreement, you unfortunately may need to go to court and show he violated the partnership agreement and have the court order him removed. Have counsel review your documents. -
I wish to inform you that you may disassociate a partner from partnership. Under California's Revised Uniform Partnership Act a partner may disassociate from partnership based upon partnership agreement. You may thus exclude partner based upon violation of partnership agreement under ARTICLE 6 - Partner s Dissociation Section 16601 of Uniform Partnership Act of 1994.
AFFComment
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Amateurs.Originally posted by x tra View Post
You should have started the partnership without him and added him when he paid the $10,000.
DUH.
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--well twenty-twenty hindsight is always perfectwell 20/20 hindsight is always perfect, when you're starting out in business with a bunch of friends, right you're not always thinking about all of these potential negative possibilities. That certainly was my experience when I was youngerOriginally posted by adjusterjack View PostComment
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Well, even now there are potential negative possibilities that involve cutting this friend loose, not the least of which is a costly lawsuit.
You would be wise to consult an attorney as to the best way to minimize risk.Comment
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