Thread: I was a partner in a business, and my partner sold the business!!!!

What can I do?
I was/am a partner in a landscape supply company from 1989-1999.
Of 1600 shares, I hold 400 (25%).
I left the business in 1999 due to an altercation with my partner.
I never had the money to do anything legally, and the business wasn't very profitable, so I didn't pursue legal action.
However, in 2007 my business partner sold the property for the building on a land contract for $240,000. He is receiving a monthly check in the neighborhood of $2,000.
Am I entitled to 1/4? Is this worth my time? Is this a fight worth fighting?

HELP!!!!!

Looks like you could be in for a thorny negotiation, and here's why: Without a written partnership agreement that sets out what each party is entitled to upon departure, you'll either have to reach an amicable agreement or fight it out in court.Here's the skinny: Generally, what a business partner creates for the benefit of the business while a partner of the business belongs to the business, not the partner. Exceptions can arise if the website or other intellectual property was the partner's preexisting intellectual property--but that doesn't sound like your situation here.

You should sue on your partner. because why he sold business without your permission.

The decision of whether to see your partner or not is a personal one. It may not be cost effective to do so. On the other hand, you may be able to retain an attorney who will charge only on a contingency fee. Whether you win or not would really depend on the exact facts and circumstances of your case, whether you get a written agreement, etc... I recommend you consult with a local attorney.

i think you can take the help of law.it is fact that what is your partner had done that is really injustice with you and its against the law of business.so don't worry and take a action.