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  1. #1
    Join Date
    Aug 2006
    Location
    Virginia
    Posts
    25

    Default Voting Out A Partner With A Minority Share

    -Virginia-
    Good evening,

    If you have two people as partners in a business, one is 51%, one is 49%, can 51 'vote' 49 out of the company? And if so, does 51 have to purchase the 49 from the outed partner or does 49 simply lose ownership? In this situation, 51 has secured a new company name and tax ID# and 49 is concerned he(51) is positioning himself to 'out' her(49). How can she protect herself?

    Thanks

  2. #2

    Default Re: Partners

    To protect herself she needs to consult an attorney. Partners have a duty of loyalty to the partnership and are liable if they breach that duty. Only an attorney after reviewing the situation can tell you if there is acutally a partnership, has the duty been breached and the proper actions to take.

  3. #3
    Join Date
    Aug 2006
    Location
    Virginia
    Posts
    25

    Default Re: Partners

    Thanks. I'll pass it on.

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