00:04
it’s where the owners of a business
00:06
can’t get along anymore
00:07
whether it’s joint ventures whether it’s
00:11
partnerships whether it’s owners or
00:13
members of a limited liability company
00:16
stockholders in a corporation where they
00:18
simply for whatever reason whether it’s
00:20
philosophy
00:21
direction willingness to work capital
00:23
investment
00:24
simply can’t get along anymore if they
00:26
don’t have the documents in place
00:29
to allow for a principled separation on
00:31
an objective basis
00:33
that’s fair to both sides it ends up in
00:35
very acrimonious
00:37
litigation over control i have seen
00:39
fifty percent owners of businesses
00:41
locked out of the businesses their names
00:43
taken off all of the bank accounts
00:45
kicked out of the business fired their
00:47
income cut off
00:49
and the other side is sitting there
00:50
saying well i’ve got control of the bank
00:52
account so i’ve got control of the
00:53
business
00:53
i have control of the money now you’re
00:56
going to have to fight me to get
00:57
anything back
00:58
very very difficult position for an
01:00
owner to be in