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Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 1584
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
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I had a cheerleading business and went into a partnership with

Customer Question

I had a cheerleading business and went into a partnership with another person to start a new gym with the same name in another city.I entered this partnership with a verbal agreement and gave my 12,500.When we tried to get our taxes done this past year instead of giving us a K-1 she tried to give us a 1099.We then pressed the issue and the accountant told us we had not been listed as 33% owners but as a 12,500 loan.We have asked for the legal agreement for one and a half years and she is never able to produce this with one excuse or another.She has now sent us an email saying she owes us 12,500 at 0% interest but that was supposed to be paid by Sept 30th and still no money.We were listed on the bank account for the business but she took our name off recently.Do we have a prayer of getting our money back ? XXX@XXXXXX.XXX
Submitted: 4 years ago.
Category: Business Law
Expert:  Law Pro replied 4 years ago.

Yes, certainly. Although you don't have a formal written agreement - oral agreements are valid.

 

As such, you can sue her on the verbal agreement as between you.

 

Are there any witnesses or any documentation that might help you prove a partnership?

 

Clearly, a "loan" doesn't make sense at 0% interest - that is obviously a lie on her part.

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