Q: My partner is selling our business without meeting my first right of refusal requirement & shareholder information
Details on brokerage listing for business differ from info on K-1's I receive. He has told me I'll get a 'tax evenet' and he will get loans paid back. He had asked me to convert my loans into shares at settlement agreement. I still own 20%. He has not honored arbitration agreement in S corp documents.
A:
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Your question is not clear to me. Do you mean to say your partner is selling his shares in the business without giving you the right of first refusal, or is it that your partner listed the entire business for sale without your consent? Either way, your reference to "settlement agreement" and "arbitration" leads me to believe you and your partner have had a falling out. I suggestion you immediately retain your own attorney and review the facts in detail so your attorney can advise you of your options.
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