December 22, 2013
The last couple of weeks have been filled with frantic inquiries from entrepreneurs looking to get out of their business partnerships. Is it something in the air? The upcoming election season (“time for a change”)? The dread of starting another tax year with this albatross of a business partner? Or the potentially depressive gloom of shorter days and colder nights? Here’s one kind of “pickle” that has arisen: “Joe” (who is not a plumber) and “Dave” are 50/50 owners of an LLC. Over the last two years they’ve had the business, Joe realized there was a LOT he didn’t know about Dave . . .such as his precarious financial state and un-agreeable business practices. Joe finally decided he wants out. But what’s a fair way to divide the assets? Answer: It depends on a variety of factors. The operating agreement. If it’s well-written, there should be a provision in it that discusses how the company will be valued (there’d be a formula or maybe they have set a number that would be re-evaluated). Has Dave…
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