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.
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