What is the name of your state (only U.S. law)? Idaho
My husband and his partner have a plumbing business, toward the end of December his partner said he wanted out of the business. My husband said fine he would draw up a set of books and make him an offer to buy him out. The business is in pretty bad shape due to the recession. Basically the liabilities are more than the assets, a lot of the liability is in vehicles that we are still paying off and we are prepared even though things are tough to keep the business going. We tried to make him an offer and he got all aggressive etc. and now both sides have resorted to attorneys. We have made a more than reasonable offer more than 2 weeks ago through his attorney and have still not had a reply, he has hired his own accoutant, we gave the accountant the last 5 years of quick books and bank statements and still nothing back. It looks like we most likely need to file for dissolution but are not sure what is the best thing to do. Should we open a new business before we file for dissolution so we can continue working while we are in dissolution and how long does something like take? Any advise would be greatly appreciated.
My husband and his partner have a plumbing business, toward the end of December his partner said he wanted out of the business. My husband said fine he would draw up a set of books and make him an offer to buy him out. The business is in pretty bad shape due to the recession. Basically the liabilities are more than the assets, a lot of the liability is in vehicles that we are still paying off and we are prepared even though things are tough to keep the business going. We tried to make him an offer and he got all aggressive etc. and now both sides have resorted to attorneys. We have made a more than reasonable offer more than 2 weeks ago through his attorney and have still not had a reply, he has hired his own accoutant, we gave the accountant the last 5 years of quick books and bank statements and still nothing back. It looks like we most likely need to file for dissolution but are not sure what is the best thing to do. Should we open a new business before we file for dissolution so we can continue working while we are in dissolution and how long does something like take? Any advise would be greatly appreciated.