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Basic Training:  Bums as Business Partners

Basic Training: Bums as Business Partners

By Nina Kaufman, Esq.

Q: I have an S Corp that includes myself and my partner, 50/50 ownership. I put in all the capital and do 90 percent of the work. I cannot get my partner to leave the business. What do I do? A: Whether, and how, you can “kick the bum out” depends on whether you have a written shareholders’ agreement. If you do, and if it addresses issues such as “deadlock,” then you can follow the procedures in the agreement. If the agreement is silent about deadlocks (or if you don’t have a written agreement), then it’s very likely you’ll have to bring a lawsuit to either buy your partner out of the business or dissolve the business. Neither is a particularly attractive option, but the “heavy hand” may be just the leverage you need to get this partner to see sense/cents–as litigation can be costly. Also, if you’re doing 90 percent of the work, you may want to consider the pros and cons of threatening to walk away from the business–as without you, there may be no business. Best 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.