How can we handle a disgruntled co-owner?
Instead, he is threatening to have the court sell the whole farm and then take his share. Can he do this?
However, if you have no ownership agreement, the departing owner could bring a lawsuit, claiming that the owners are stalemated and can't agree. Whether he'd be successful or whether the court would engineer a buyout remains to be seen. Either way, you're looking at an investment in attorney's fees to ensure you're properly represented.
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.