Q: I opened a business with a silent partner. All paper work is in my name. He bought acouple of the equipment we use.
He wants out and doesn't want to be apart of it. Now wants all the money he invested back. Can he cone and take his equipment back that he bought from the property that I lease?
A: Maybe it would depend on the terms of your operation agreement which I hope you have.
A: One would need more information to appropriately answer your question. How was this business entity formed? How did the silent partner become a partner; through a partnership agreement? What does the partnership agreement state about equipment? The Uniform Partnership Act says that property acquired by a partnership is property of the partnership and not of the partners individually. To scant on the details to answer correctly contact a business lawyer for a consultation.
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