Together with a colleague, we started, invested in and operated a small business. However we have had a difference of opinion and I want out. I have suggested terms but my partner refuses to consider these and there is no written agreement between us. What can I do?
The absence of an agreement, whilst unfortunate, does not mean that you have no entitlement. With the assistance of your accountant we will be able to assist in establishing, in the first place, the level of your present investment in the business and your entitlement to recover what is due to you. The fact that your colleague does not accept that you wish to leave the business does not affect your entitlement to do so and as a partner you are entitled to terminate the contract between you. An early meeting with your solicitor would be advisable to ensure that you know of all the rights and remedies which may be open to you.
