Q: I recently opened a business with 2 other partners, they are husband and wife. We each own 33% of the company.
We don’t have a partnership agreement. The 2 partners are making decisions without my approval and I don’t trust them. How do I stop them? The business is a franchise and is doing well. They want me out now that it is profitable but this was my business idea and I’m not willing to sell my share. What are my rights as a partner?
A: You have to get counsel and get them to the table to put together an agreement going forward. If they are not acting within their fiduciary duties (duty of loyalty and the duty of care) to you, you may have to go to court to get this accomplished. Spend some money now to avoid spending much more later.
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