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Shoot Out Clauses in Partnerships and Close Corporations Form

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Shoot Out Clauses in Partnerships and Close Corporations Form

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[Music] hi I'm Debbie Perl and you're listening to the weekly tip from painless Financial learning.com in a couple of forms uh if you are incorporated then your partner is actually called a shareholder if you're not incorporated then your partner is called a partner because you're in a partnership so either way if you're in business with somebody you need to have a way of break up I am currently working with this situation where in a partnership they didn't think about a situation which has occurred in that both of them would like to run the business without the other one being there typically we would handle this with a shotgun clause which is basically if I'm in business with you I offer you a bunch of money to leave or you pay me the same bunch of money and I stay you've got 30 days to make that work so the shotgun Clause will dissolve the partnership within 30 days the problem is if you don't have a shotgun cla

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