Originally Posted by NewChief
Sadly, it's still ongoing. The positive part is that we agree that all the factors of negotiation would be handled for the year 2012, so we're financially separate from our former partner as of 1/1/2013.
We're still in the process of affixing a value to the business for the year 2012, though. Things got very ugly for a while, but they've moved away, causing a lot of the anger to dissipate. We're going to pay them something just to be "fair," but we've yet to determine that amount. Our basic idea is:
Value of inventory as of 12/31/2012 plus amount in bank as of same date.
Subtract outstanding liabilities (invoices that hadn't been paid for 2012, CPA fees, taxes, remainder of lease, etc..).
Divide by 2 then subtract any money that the partner pulled out over the year of 2012 as payments to herself.
Sounds like a reasonable resolution. Sorry it has dragged on so long though.
I dont' remember how it's organized, but if there were filings with the state (for a corp or LLC) then be sure to make any necessary filings to update the fact that she is no longer an officer/partner/owner of the company.
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