What legal recourse do we have, when a silent partner in a partnership of three ( each with 33%) starts to display stalling and disruptive tactics. We are a small company with two of the partners working in the business but when we require all three partners to give personal financial statements, etc. to purchase equipment, the afore mentioned partner will either say no or stall as long as possible, to kill the deal. He basically does not want any part of the debt but will gladly take all of the upside.
Answer
Is the 100% of all partners deciding something stated in your partnership agreement or something you all agreed upon unofficially. The partnership agreement is going to govern first. If there are any ambiguities then state partnership law applies. If the partner is breaching his duty to the partnership then that may be another issue. It would be best to set up a consultation with to review the partnership agreement either with a firm like ours or one local to you.
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