Can a business partner do this?

[shabby]

Ok my folks bought a business 5 years ago, later they sold half of it to someone else.
Now they want to sell their half to someone else, but in the contract the second owner must approve this.
And hes not going to approve it mainly because he wants the business to himself, so he offered a third of what the new buyer was offering to my parents.
Is there anything my folks can do, or are they basically screwed here?

 

[HappyPuppy]

I think the second owner would either have to cough up what the third party is offering or else approve the sale. A court would probably rule that he has to pay fair market value or else give up his right to approval.

 

[NogginBoink]

You do realize, don't you, that asking for legal advice here is about as useful as asking for directions to the nearest fast food restaurant in Ethiopia?

 

[Evadman]

<< You do realize, don't you, that asking for legal advice here is about as useful as asking for directions to the nearest fast food restaurant in Ethiopia? >>


hehe, that made me laugh. Nice 🙂 I know there is atleast one lawer here, I saw some of his posts on a sex offender yesterday. Try searching the forums. Make sure to pay him some bucks tho 🙂

 

[glenn1]

Tell your parents to take the Partnership Agreement to a lawyer. No use asking us for advice, as that document will spell out exactly what recourse (if any) your parents have.