Selling of Partnership
I am in general partnership. The partner has sold his share to third party without any discussion or notice. Once deal was done he notified me that there is a new partner and that he is no more part of business. What is my rigjts and please provide me with advice. Thanks
The legal position is that you cannot be bound by third party agreements. That is to say you are not bound to respect any agreement you were not party to. Nobody can force a partnership on you. If you had a partnership agreement in place it should have a clause on what happens if one partner decides to walk away. Otherwise you should inform your original partner and new purchaser via a formal letter that that you are not bound by their agreement. They should therefore resolve it amongst themselves. You might need someone to mediate othewise if it remains unresolved it might have to end up in court.