Is there such a thing as business abandonment?

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Latest post Wed, Oct 18 2006 7:20 PM by ammie805. 2 replies.
  • Tue, Oct 17 2006 9:19 PM

    Is there such a thing as business abandonment?

    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.
  • Wed, Oct 18 2006 4:28 PM In reply to

    re: Is there such a thing as business abandonment?

    The business has 3 partners. (When we bought into the business a few years back, we were given shares)."

    Use of the words "partners" and "shares" don't help us. Is this a partnership, a corporation, what?

    "If we go out of business, can one of remaining partners sell the business without the other partners knowing about it?"

    We can't know from here. Is the remaining partner the president of the corporation with authority to sell off assets? Is remaining partner the GP? What kind of by-laws, operating agreement, partnership agreement do you have and what does it say?

    You own your interest until you transfer or sell it to someone else (or the partnership-company dissolves according to some predetermined date).

    Sounds like you need to talk with a local corporate-business attorney.
  • Wed, Oct 18 2006 7:20 PM In reply to

    re: Is there such a thing as business abandonment?

    Thanks for your input! I will do that. I do appreciate your time.
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