Investment in partnership -- I registered a close corporation

This is a discussion on Investment in partnership -- I registered a close corporation within the Business Contracts & Partnerships forum, part of the BUSINESS & FINANCE LAW category; im from south africa. I registered a close corporation which was adjusted when i took on a partner. The partner ...

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Old Jan 18th, 2011, 12:13 PM   #1
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Default Investment in partnership -- I registered a close corporation

im from south africa. I registered a close corporation which was adjusted when i took on a partner. The partner took a 70 percent stake in the business. The initial investment was R45000. And no other contracts or agreements were signed other than the cc documents. The relationship soured and the partner wants the money returned. The business is not trading. What recourse do they have?
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Old Jan 18th, 2011, 12:46 PM   #2
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Default Re: Investment in partnership -- I registered a close corporation

I wish to inform you that if you have formed a corporation then partners are not there in corporation. In corporation there is a company form of structure which provides shareholders and shareholders are distinct from its members. Shareholder may sell its share to any person but company's assets will be given to shareholder only after liquidation. However in partnership the dissolution is easy and partners can divide company's assets in the ratio of partners ownership.
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