Areas of Law / Small Business Legal Advice

A friend and I set up a highly successful business five years ago. We didn’t have a written agreement and we have now fallen out. My friend hasn’t turned up for work in the last six months, but she won’t even discuss selling me her half of the firm. What can be done?

Written agreements are very important: without one you cannot force your business partner to sell. In these circumstances the winding up of any partnership business is governed by an Act of Parliament passed over 100 years ago. Basically, all the assets have to be sold, any debts paid off and the surplus returned to the partners. Once this has happened you can set up again as a sole trader if you still want to continue the business. Discuss this further with your solicitor.

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