Business partnership Buyout

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LOU

Active Member
2 December 2018
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If I receive a buyout figure to leave a business partnership which I accept.. can I lodge a claim against my business partner for lost drawings we had a 50 / 50 profit split agreement but I received 35000 less than my partner over the last two and a half years.
 

Rob Legat - SBPL

Lawyer
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16 February 2017
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You should work it in to the agreement. If he’s on the ball, he will have the terms of the buyout precluding any further claim.
 

LOU

Active Member
2 December 2018
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There is no mention of it in the buyout offer I just thought my acceptance of that would probably void me being able to Persue that later the business is going down at the moment so I am technically getting out before it's too late ... ie closed down and we have to sell the assets etc.
 

Rob Legat - SBPL

Lawyer
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16 February 2017
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Then I suggest you bring it up rather than wait. There might not be anything left by the time you do.
 

LOU

Active Member
2 December 2018
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31
Thanks Rob I will look into it as we progress. If they fail to put a clause in on the acceptance then I could potentially bring up the lost wages later on if I get brought out. The business will continue to trade but not sure how long it will last depends on how much money the "dad" wants to funnel into it.
 

Rob Legat - SBPL

Lawyer
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16 February 2017
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Gold Coast, Queensland
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You could bring it up later, but 'miscommunications' are the breeding ground for a very significant proportion of legal stoushes. And if you're aware they're thinking it's an 'everything' figure, and you let them go through with that not correcting them, you might have some problems trying to get more money. If nothing else, it's likely to be a breach of the terms of the partnership agreement.