Bankruptcy?
I am in a partnership in a company where I am the major investor. I would like to get out and recoup my investment. My partner is an honest person but does not have the cash to buy me now and I do not want to take the operating capital out of the company as it starting to be successful. My partner is willing to repay my investment in monthly payments.
Does any one know any per written contacts for this kind of thing and is there any way I could write up an agreement stating that I have to get paid even if my partner declares bankruptcy down the road? I have just been caught with someone else declaring bankruptcy on me and it sucks, there is no way I want this to happen again
Thanks
Sounds like an everyday business contract to me, which any business practicing lawyer can easily & quickly do for you.
Could you do it for yourself? Sure, just like you could set your own broken arm or pull your own wisdom teeth...but you might not like the results very much
There is no way that I know of where you can contractually preempt another party's ability to avail himself or herself of federal bankrtupcy protection. Otherwise every creditor (think credit card companies) would seek this kind of preemption. Securing the monies owed with some kind of property may provide you with that added security you are seeking.