Q: My husband's partner is supposed to be buying him out of the business. What recourse do we have if he takes too long?
Corporation, my husband is 49% stock owner.
A: Unless the buy-back is memorialized in a contract, you cannot force one business owner to buy the stock of another. Where a sales contract has a deadline, missing the same could give grounds for "specific performance," a court order requiring the breaching party to live up to its contractual obligations.
A: Depending on how the agreement was structured--you can file a complaint in Superior Court or arbitration.
A: Depending on how the agreement was structured--you can file a complaint in Superior Court or arbitration. The cause of action would be for breach of contract; specific performance (if you still wanted it) and declaratory relief.
A: I see no legal basis to force a sale here. Is there a contractual agreement re: the sale? More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.