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Buyout of absent partner

Ontario, Canada, we have a partner who has a 25% share in the company. He used to own 50% but we bought him out of half of his share.

After buying him out, we dismissed him and gave him his severance and he's been absent ever since.

We want to buy him out of the remaining portion but he is not returning calls and we cannot get a hold of him.

How should we handle th

| 👁 637 | Posted November 24, 2018 | Share on Facebook | Twitter | Google+

| Modified: November 24, 2018 | Author:

4 Comments

TheShadowCat 1 year ago

Do you have a shotgun clause, because that's the easiest way to deal with it?

zxxxmorganxxxz 1 year ago

Talk to a corporate lawyer. If you have a minute book bring it with you. Some offices will offer a free 30 minute consult(or sometimes an initial consult at a discounted rate) Call around your area.

bdwf 1 year ago

No partnership agreement - my dad was his 50/50 partner and suffered a severe stroke a decade ago, we've been cleaning up the mess with the partner ever since.

[deleted] 1 year ago

Do you have a partnership agreement? Mine has a paragraph for what happens if I die, want to sell etc. Dont do anything with the dividends until you find him, consult an attorney and find out what happens in your locality in this situation.


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