Can I buy my brothers shares?

DWQA QuestionsCan I buy my brothers shares?
Sam G. asked 1 year ago

I am in a partnership with 3 people. Me, my brother, and a long time friend. We each have a third. My brother wants out. Can I buy his share without needing approval? I want control in order to grow the business.

1 Answers
Chris Reich Staff answered 1 year ago

The answer is “maybe”. Start by reviewing all the partnership documents. If there is a Partnership Agreement, that needs a close look. Generally, partner approval is necessary for a purchase of interest. And, if your business is incorporated, there can be rules about selling ‘shares’. (Note: people often use the word ‘share’ to mean their interest and not necessarily a true share)
Regardless of what can be done, it would be wise to discuss your desires with the other partner. It’s always best to keep the peace.