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Is there such a thing as business abandonment?
10-17-2006 9:19 PM
Joined on 01-01-2003
Hi. Is there such a thing? I want to give you a scenario. Trying to sell business because it is not doing well. The business has 3 partners. (When we bought into the business a few years back, we were given shares). If we go out of business, can one of remaining partners sell the business without the other partners knowing about it? Are the shares from the other partners needed to complete the sale or would it be considered "abandonment" because we were letting it go out of business? Am I making sense? Sorry for the confusion.