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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