anyone on here know anything about small buisness law or anything pertaining to it? ive got some questions and i dont want to have to pay a lawyer. if so please pm me. thanks Aric ps..the internet has no definitive answers for me..allready checked.
its not that i cant research it myself its that i cant find the right scenario..prudent to mine. its like all the info ive found has been the opposite of what i need. example; say you want to split ways with a co-owner and arent sure of how to go about it, can you sell without his consent or does he need to approve? everything ive read has been more like; can i force my co-owner to buy me out.. how do i pass my ownership to kin.. and so on. i want out of my partnership but i really dont want to just leave with nothing unless i absolutely have to. but in some states, virginia for one, has a law that states the remaining party must approve who the buisness is sold to. havent seen anything like that in mn law. any other advice would be nice. also i was hoping yould chime in..except i really want to avoid the lawyer process. as far as money is concernd for sale of my "half" it isnt a substantial ammount, im assuming a lawyer would cost me more than i payed when i started.
Probably the worst idea is to take advice from random people on a message board. If it's a serious situation I would definitely consult a lawyer.
Are you a small business that is incorporated as an S corp? Do you file an 1120? Or are you doing business as a partnership? Do you have a written partnership agreement? Do you file a 1065 and form K-1?
What do you want to know exactly? I'm no expert but about small business, it all depends on what type of business it is. If it is a partnership then the split with the co-owner is what ever you guys put in, unless it was explicitly on the partnership agreement for ownership what the shares would be. For example, if you didn't list what the share would be, then it would be an equal share. But remember that it's not only the profit that you split, you also split debts as well. Any business decision you decide, it must be approved by all parties meaning all co-owners. Again, unless it was in the partnership agreement that says otherwise. If you are deciding to leave, remember, you just don't split the profits but also the debts. If the company cannot exist because you want out and you cannot find a replacement for you, your co-owner must change the type of ownership to either s-corp or sole proprietary. So your co-owner would essentially shutdown the company and restart it, refiling all the paper required to do so. Anything else?
