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information and advise on buying my brother out of a business

please help , a year ago my brother and i , opened a shop , he put the initial investment of 20kin ( though i have no proof of this ) .. he now said that he no longer wants to continue , and that , if i want to carry the business on he want's his investment back ( of which he has already taken 10k out after 6 months) the stock value is 10,500 which is enough .. am i legally obliged to see the proof that he did put up the full amount .. ? and what course of action would he have to take if i do not buy him out ..
thx
andy
 
Asked by andy long, May 2008   -  Contact this person

2 Answers

  1. Hi Andy,

    I'm presuming you didn't draw up a Partnership Agreement? I'd definitely recommend contacting a solicitor and finding out where you stand. It could be worth looking up the Laywers for your Business scheme, which gives you a free half hour with a participating solicitor.

    Lee
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    Answered by Lee Longstaff, May 2008   -  Contact this person
  2. cheers lee , will do ... i reckon though if i catch him off guard he may just decide to run the money down and close down .. but we'll see !!

    thx
    andy
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    Answered by andy long, May 2008   -  Contact this person

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