Whether to Sell or Close a Business

[bellabimba]

I started a sole prop. LLC years ago. I changed a few things with the company and obtained several partners and turned it into an S Corp LLC. For one reason or another, my partners had to get out of the business, so I'm left with just one partner and we are 50/50. He doesn't do anything at all to contribute to the business. He's sue happy, so everytime I asked him to help me, he says he can't because he's working on his lawsuits. He's had at least one lawsuit going on the entire time we've been in business together. There have been several instances where people wanted to work with me and when they find out who my partner is they back out. This company has so much potential but we don't have the finances to back it up and neither of us have good credit. I just makes me sick to think of all the hard work, time, energy and money that I've put into this place, just to have to get rid of it or close it down. Are there any options out there? I'm exhausted and I just can't do it by myself anymore. This makes me angry because I'm the one that put my blood, sweat, tears and money into the company and its been my reputation thats kept it going. Any advice would be appreciated. Thank you in advance.

[Mr. Knowitall]

So there's no buy-out agreement, or contractual provision detailing what happens in the event of a business break-up? That's unfortunate.

The amount of difficulty you would face restarting under a new name is hard to gauge without knowing a lot more about the business. Perhaps you can buy your partner out?