Generally, a shareholder can refuse to sell their shares, per the terms of the agreement. If there is no agreement or the agreement doesn’t have a buyout clause, then the shareholder may be forced to sell their shares. If part of the agreement requires a shareholder to sell their shares, then the majority shareholder can …
You can sue your business partner when their actions cause damage to the business. The legal ground for suing a partner is when there is negligence, abandonment, or breach of contract. A partnership is an excellent way to steer a business in the right direction. It enables partners to achieve their long-term goals effortlessly with …
When one party does not fulfill its obligations under a contract, it is called a breach of contract, and the non-breaching party may be able to file a lawsuit. Possible damages could include money owed by the breaching party for services or goods rendered, loss of revenue caused when products or services were not provided …
What Damages Can I Sue for in a Breach of Contract Case? Read More »
If a defendant wants to file a 12b6 motion, they must do so after the plaintiff serves them with the legal filing that initiated the case (generally a complaint or summons) but before filing a responsive pleading to defend themselves against the claims the plaintiff is making against them. By filing a 12b6 motion, a …
While state statutes will prescribe certain rights and obligations that apply to every partnership formed in the state, partnership agreements can dictate additional rights and obligations that the partners agree upon. This allows partners to determine how their business will be run and set particular expectations for how profits, losses, and duties will be shared. …
What Are the Legal Rights and Obligations Afforded by a Partnership? Read More »
Yes, a partnership may be able to sue a partner, commonly due to breach of fiduciary duty. A partnership is a type of business arrangement where two or more people agree to share the profits, losses, and liabilities of a jointly-owned business. In a general partnership, each partner must accept unlimited personal liability for the …
Yes, there are a variety of ways a partner can be removed from the partnership, depending on the circumstances. The easiest route is to follow the procedure outlined in a written partnership agreement. A comprehensive partnership agreement will include provisions explaining how and why a partner can be expelled from the partnership. However, if you …
