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Category: Business Law
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Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
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A llarge scratch 21 year family owned insurance personal lines

Customer Question

A llarge scratch 21 year family owned insurance personal lines busine , an LLP, allowed a man to buy 51% for a small amount of money beause he was found by a broker whom we paid $40,000 and trusted. Joining LLP partner, has a lawyer daughter from Houston,Tx, where he was from.Joiner promised great contributions to take business to next level with money in but not out.The man joining the LLP had a Lawyer daughter from Houston, Texas, where the man also lived. Man promised us great contributions to take our business to the next level. He bourght 51% of our agency for $300,000---we signed a slave contract giving him all rights but he talked the talk and said he was a man of his word, paperwork was to satisfy daughter. He didn't expect to take our money himself for at least the 1srt year but rather invest as we had for the future good of the LLP. We signed 12 days after our 6yrold daughter/granddaughter died. He then became a tyrant-fired the 3 partners. Took over agency? Sole customers
Submitted: 5 years ago.
Category: Business Law
Expert:  JPEsq replied 5 years ago.
Were you finished? It looks like your question go cut off.
Customer: replied 5 years ago.
I am finished but it's a mess. We did sign but the contract did not say he was to take his initial investment back and certainly rolling business for his own personal gain can't be legal? We had no employee contract, it was just a verbal agreement. We would manage the office as we are here and he's hundred's of miles away. Judge ask him if he would be at office every day, answered yes but of course he is not. Lawyer did not want my husband and I to go with daughter to court. She called every 5 minutes crying---she was in a room alone most of the time. What can we do? What are our recourses. It seems to be a no win situation unless we can get him out and keep our companies.

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