As an experienced Media Business Attorney I am often asked how one can split from their business partner without a shareholder’s agreement. If there is no agreement in place, it becomes much more difficult. The options that you have at that point in time are to enter into a negotiation with your particular partner. If you both have agreed as to the value, then it becomes a little simpler because at that point you want to arrive at a number either by agreement, negotiation, or a third party assessing it and then move forward with regard to the process of selling the assets, accepting as an asset your share, giving a credit toward to purchase price or the dissolution fund. Basically arriving at the value of the assets and paying off the liabilities because we do not want anybody coming back that is owed money. At that point in time, you voluntarily reach the agreement as to how you’re going to divide the pot.
Are you trying to split from your business partner without a shareholder’s agreement? If so, contact the experienced Media Business Attorney Walter Timby.
This educational blog was brought to you by experienced Business Attorney Walter J. Timby. Our law firm proudly represents clients throughout Media, as well as Pennsylvania, Delaware and New Jersey.