Q: Conducting business in Partnership and sole proprietorship at same time in same type of business with few modifications.
I have registered an LLC called XYZ INVESTMENTS. With this newly registered entity, I have invested in a produce store called FRESH PRODUCTS, and bought 25% share under XYZ INVESTMENTS in FRESH PRODUCTS business. Now FRESH PRODUCTS has 4 business partners (which also includes my LLC - XYZ INVESTMENTS as a Fourth business partner, every partner has equal 25% share each).
Since I am already a part of an active partnership business, can I open another new business (which will be a Produce store again) by myself with out any partners ?
I am planning to open a new business (where I sell produce and few groceries) under different new LLC all by myself without any partners from FRESH PRODUCTS. Is it legal to do so? Please let me know or help me with other alternatives on how can I open another similar business legally by continuing being a partner of the existing business as-well.
I am planning to open this new business at-least 20 miles away from the existing partnership business.
A: Please see the answer I provided to this question when you previously asked it.
A: there is no way to give you a general answer to this question. the primary document you need to review is the Operating Agreement or Partnership Agreement for Fresh Produce. Most agreements have provisions that either allow or prohibit the partners/members from engaging in competitive businesses or other business ventures
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