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Roger, Attorney
Category: Business Law
Satisfied Customers: 31662
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I was in business with a man who promised me after 3 years

Customer Question

I was in business with a man who promised me after 3 years of running the business and proving myself that he would let me take it over completely at the end of 3 years. We filed 50/50 tax returns and operated as 50/50 business partners for 4 years together and i improved sales by 300%. When i finally secured another account without him and asked him to honor our agreement he back peddled and said he never said that and that he would never give up the gold mine that the business was now. I was thrown to the curb and all my efforts were never compensated. I was never given a buyout or offered any money for what i had established nor was i given any money foe any and all equipment purchased throughout our 4 years as 50/50 business partners. My big question is after 10 years is there anything i may still do about this or have my statue of limitaions run out? It pains me to see this man still making money off things i established or we did so together. What are my options?
Submitted: 8 years ago.
Category: Business Law
Expert:  Roger replied 8 years ago.

Unfortunately, the statute of limitations has run. An oral contract is only enforceable for a transaction that will be completed within 12 months.


If you still own your part of the company you can sell it, or you can file a lawsuit to dissolve the company.