Ending a Business Partnership
Partnerships divide up the responsibilities and specialization of any business. Each partner has unique resources, talents, and skills that they bring with them to share in the profits. They should make things easier and less stressful by dividing the workload.
The challenge is when a bad business partner fails to meet their obligations. Their actions are costing you money and damaging the business’s reputation. In these situations, you want to know if you can fire a business partner.
How to Fire a Business Partner?
Firing a business partner depends on whether you have a partnership agreement. A partnership agreement is a written document that details the roles, responsibilities, conflict resolution procedures, and the division of profits and losses.
In Texas, you are not required to have a partnership agreement, but having one makes it easier to deal with a bad partner. We recommend following the contract terms if you have a written one. A skilled attorney will advise you in pursuing the agreement to deal with a poor partner.
Can You Fire a Partner Without an Agreement?
Those with a partnership agreement have more options for removing a partner. Your partner owns the business, and you can’t fire them like an employee. The best approach is to resolve your disputes to improve your relationship.
To resolve the situation, you might have to use dispute resolution, such as arbitration or mediation. You may need to dissolve the partnership if these methods are ineffective in creating changes.
Running a business is much different than having a great idea. We recommend speaking with a skilled business attorney immediately in these situations. They will go over your case and the various options available.
The Weisblatt Law Firm has decades of experience working on cases involving disputes between business partners. We will review your situation and identify the best options to resolve the issue successfully. You will get transparent and objective advice. Contact us now at (713) 666-1981 to speak with a skilled business attorney. Time is of the essence in these cases; the faster you act, the greater your flexibility.
How do I Remove a Business Partner from a Partnership?
Removing a business partner is complex and requires professional legal advice to guide you. Here are some steps you can take to separate from a business partner.
Review the Partnership Agreement
The partnership agreement should have a process for removing a partner. It could require a majority or unanimous vote to successfully remove a partner. Review the partnership agreement to see the procedures and mechanisms available.
Communicate with the Troubled Partner
A lack of communication can cause misunderstandings and allow things to get out of hand. Open and honest communication about your concerns is the best way to resolve these issues. You want to state the problem and how it is impacting the business. The objective is to work toward a mutually agreeable solution.
Please Speak with a Skilled Attorney
We recommend speaking with a competent attorney immediately. You want to know your legal options from a qualified and experienced professional. We will advise you on the best options and guide you through this process.
Follow the Proper Legal Procedures
Removing a rogue partner is stressful but must be done to protect the business. We recommend following the advice of your attorney and staying within the framework of the law. Removing a business partner is possible, but we must follow the proper procedures.
These include holding a removal vote, giving the other partner written notice, and filing the paperwork with the local and state governments.
Settle All Financial Issues
After your partner is removed, you want to settle the outstanding financial matters, such as paying their share of liabilities and assets. We recommend doing this immediately to prevent any monetary issues from lingering.
Removing a business partner is complex and requires a skilled attorney to help you. We will ensure everything is done correctly and guide you through removing a business partner. Avoid making critical mistakes by speaking with a skilled attorney and learning about your options. Time is of the essence in these cases, and you want to move quickly to protect your rights.
Why Choose Us?
The Weisblatt Law Firm has the knowledge and experience to help you decide if you can fire a business partner. We have over 30 years of experience in business law and have worked on many of these cases.
You will work with a skilled attorney that cares, listens, and understands your situation. We work with you to create favorable results to protect your interests and help your business to grow. Getting rid of an unsatisfactory business partner is challenging and requires the knowledge of a skilled attorney to avoid any legal challenges. Your attorney will guide you through this process and resolve these situations.
Our firm gives business owners objective and practical legal advice. We understand the challenges you face with your partner and are here to help you resolve them. The ending of a partnership does not have to be the end of your business – it can be a new beginning.
We will help you to get a fresh start, whether we are negotiating a new agreement or legally removing the rogue partner from your business. Our team is here to give you objective legal advice that you can use.
How Can We Help?
Our attorneys will give your case the resources and attention to help you make the best decisions. You are more than just a number to us; we care about what happens and are here to serve you. Your attorney returns phone calls and responds to emails and text messages.
Our track record speaks for itself, and we are results driven. Your attorney works to negotiate a successful resolution first but may seek removal as a last resort. We have worked on many cases involving disgruntled partners and what should be done with the business.
Our team looks out for your best interests, and we ensure your rights are respected. The law is clear on what actions we can take, and we use our knowledge to identify the most effective options. We work tirelessly to advance the case’s outcomes to make moving forward easier.
Change is always uncertain, and removing a business partner requires skill.
You have one shot at getting it right and avoiding the legal repercussions on your business. A skilled attorney will go over your situation and guide you. We ensure that you will make the right moves to protect your interests and help the business grow.
Contact us to schedule a consultation with a skilled attorney. Firing a business partner could be done, but it requires an attorney with knowledge and experience to do it right. We will guide you and help you to avoid making critical mistakes that could cost you. Time is of the essence in these situations, and we recommend speaking with a skilled attorney to find out about your options.
Attorney Andrew Weisblatt
Mr. Weisblatt has practiced continuously since becoming licensed in 1992 and has represented businesses ranging in size from one person start-up ventures to multi-national corporations employing hundreds of people in multiple countries. From 2005 through 2009 Mr. Weisblatt was in-house counsel and chief operating officer of a multi-national corporation in the steel products industry. That in-house position provided valuable insight into how businesses work and what they actually need from their lawyers – both in-house and outside counsel. Attorney Bio
