I work for a small family owned company (less than 50 people) and my boss just gave me a mid-year bonus equal to 6% of my yearly salary. Should I send him and his wife a thank you card?...
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Read your partnership contract and your corporate papers.
There are stipulations about buying one or the other out under particular circumstances. Being a majority share holder may mean you are the one that can force the sale. But if so, it would be stipulated in the contract.
You can't fire an owner. But you can buy him out if he agrees to that. Read your contract and see how the partnership was set up.
I would think if you owned 51% of a corporation, you would be talking to an attorney rather than asking on YA.
Khaled
First of all, a partner is not an employee for you to fire.
you have an option of buying his share of the company or resolving the partnership.
dukefenton
Usually not - partnerships are defined by contract, and usually a partner can only be removed for cause or some specific process.
Comerwebs
No, you can buy him out by offering a sum of money for his share of the corporation, but he has to accept the offer. I would definatly call an attorney concerning this matter.
Mustafa Leek
Yes, provided you can buy the shares off your partner.
I ran a company where I stupidly gave my wife 49% & ended up in a divorce battle.
It was easier closing the company.
Republic Con
If you don't like the 49% partner, buy him out. If you can't afford it suck it up, or look for another job.
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