August 29, 2014
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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