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Partnership Q&A:  Time to get out . . . or get more $$?

Partnership Q&A: Time to get out . . . or get more $$?

By Nina Kaufman, Esq.

Q. I am a founding partner in a 15-year business.  All 3 partners work in different capacities at our business. We have had financial struggles along the way. Recently, my 2 partners have infused capital to keep going; I didn’t have the money to make a contribution.  We also have not received salaries for over 2 years, which has placed an enormous strain on my personal finances.  We need to find an investor for the business to move forward. We already owe the IRS . . . and I don’t want to take on anymore financial responsibility and burden my family. We have no buy/sell agreement. I work the business day to day. I want to fill my obligations to them but I fear I could never pay them back equal. what do I do?   A. You may want to speak to an attorney in your area who deals with small businesses to explore your options — especially as you have no buy-sell agreement. The approach you take will depend on whether you want to…

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Nina Kaufman

Flying solo doesn’t have to mean going it alone.

I’m Nina Kaufman.

I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.

With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.

And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.

I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.