Home – New Forums New here? Share your story Wanting to move on from business

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  • #995834
    little.caren
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    My husband and I started a business from scratch almost 7 years ago. He invested $50,000 from the sale of a property he had to start up. I have been involved in the business also from day one, at times also working 2 other jobs so that we wouldn’t need to take any money from the business while it was starting up. I have only taken a wage for the last 3 years since becoming full time. He has had a wage for I think 4 or 5 years. We are now in the process of getting divorced after being separated for a year now. Just prior to the separation we were planning to sell because it was causing too much stress but he decided not to sell. When separating I said I was prepared to stick around for a year or so but didn’t intend to be in the business long term. I now have my own franchise that he has nothing to do with, and I would like to become a silent partner to release me from being actively involved in the business as I would like to study next year. This was also my intention to save money in the business as it is running at a loss this year and realistically one person could do the job of both of us. He also wants to get a job elsewhere but doesn’t want to sell yet. I have suggested hiring a manager to run the business for a while so we can start moving out of it and either if it runs well, earn some profit, or get it running itself so it is easier to sell down the line. However he has a problem with me not wanting to be actively involved anymore (he intends to keep working in the business part time if he gets work elsewhere) and seems to think it’s up to him to decide if it’s ok or not. Does he have the right to force me to remain active in the business?

    #1204173
    Dave Gillen – Former FS Concierge
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    Welcome aboard the forums [USER=88730]@little.caren[/USER] definitely a tricky question, so hopefully our members can chip in some advice for you. Great to have you here. :)

    Dave

    #1204174
    arrowwise
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    Is there a partnership agreement stipulating the ins and outs with everything and how such a situation should be handled?

    If not you are down to working out a resolution together or bring in a mediator to find that common ground.

    The right you each have is based on your original deal on who is responsible for what and who each authority lies with.

    #1204175
    MatthewKeath
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    little.caren, post: 242484, member: 88730 wrote:
    My husband and I started a business from scratch almost 7 years ago. He invested $50,000 from the sale of a property he had to start up. I have been involved in the business also from day one, at times also working 2 other jobs so that we wouldn’t need to take any money from the business while it was starting up. I have only taken a wage for the last 3 years since becoming full time. He has had a wage for I think 4 or 5 years. We are now in the process of getting divorced after being separated for a year now. Just prior to the separation we were planning to sell because it was causing too much stress but he decided not to sell. When separating I said I was prepared to stick around for a year or so but didn’t intend to be in the business long term. I now have my own franchise that he has nothing to do with, and I would like to become a silent partner to release me from being actively involved in the business as I would like to study next year. This was also my intention to save money in the business as it is running at a loss this year and realistically one person could do the job of both of us. He also wants to get a job elsewhere but doesn’t want to sell yet. I have suggested hiring a manager to run the business for a while so we can start moving out of it and either if it runs well, earn some profit, or get it running itself so it is easier to sell down the line. However he has a problem with me not wanting to be actively involved anymore (he intends to keep working in the business part time if he gets work elsewhere) and seems to think it’s up to him to decide if it’s ok or not. Does he have the right to force me to remain active in the business?
    I think this is beyond an internet forum. You really need to speak to a professional.
    #1204176
    J.Zkan
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    Would be better to contact a lawyer to find out, forum will be a hit an miss for that type of information – unless there is a lawyer on the forums of course.

    Good luck.

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