Could you please explain to me how it works when a business partner gets expelled, but will not sign
Question: Could you please explain to me how it works when a business partner gets expelled, but will not sign off the legal paperwork? What are the benefits to the expelled party by not signing off the documentation?
Answer: You have asked a question with many answers based upon the situation faced by the business. First you would have to look at the documents that created the business, whether partnership, corporation or limited liability company. After that you would have to look at statute and case law. Generally the business associate that won't sign off is entitled to his share of the profits and losses after expenses are paid. Most people don't want to be in such a position because expenses of the operating persons in the business, including salary usually eat up all profits. Often, just like a divorce, you have to file suit to end such ownership. I would recommend that you make an appointment with the attorneys in our office to review the facts and help you straighten out this difficult problem.