Good day.I am looking for some advice pl...

Asked by Bronwyn on 23-06-2023 15:52:23
Question posted in the General Law category relating to KwaZulu-Natal

Good day.

I am looking for some advice please. 

I am a co-owner of a successful dance studio in Kzn, the business has been running for 17yrs.

I am now needing to relocate with my family and can no longer continue with the business. 

We do not have a written contract between myself and my business partner,  except that of which is part of our business account at the bank. We are also a very recently  registered company (pty ltd)

Where do I stand legaly to sell my 50% of the business  to my partner (or anyone) 

She would like to continue running the business by herself, she has agreed that we would split the profit, but as I am the one leaving she feels I am not entitled to any share of the business, not the culculated worth nor the assets. 

I would imagine that we are due an equal share of the business (& profit) regardless of who has initiated the process. 

Any advice or information in this regard would be extremely helpful. 

Thank you

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