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INFOLAWYER
INFOLAWYER, Attorney
Category: Business Law
Satisfied Customers: 54793
Experience:  LICENSED BUSINESS LAWYER
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I am in a partnership that is a small hometown giftshop business,

Customer Question

I am in a partnership that is a small hometown giftshop business, where my partner and I never consulted an attorney to have everthing legally documented. The business has been up and running now for four years. Originally we are invested 60/40 her being 60. As time has went by our financial sitiuation hasn't been the best, XXXXX XXXXX acrued debt both business and personal to keep the business a float. Now, my question is if she pays off debt in her name does that lessen my percentage. ( Is she entitled to claim it as invested money?) It is not documented that we are partners and she has dominated our partnership and friendship leaving me with little input to the point I want to just walk away will I be liable or can she hold me responsible. Everyday she is trying to what I call lessen my percentage until I will eventually be nothing. What are my rights. I know I need legal advice but a small town everyone nows everybody I don't know where to turn without someone getting wind or should I even care about that? If I want to sell my invested amount can I? Do I need to make sure its ok with her.
Submitted: 6 years ago.
Category: Business Law
Expert:  INFOLAWYER replied 6 years ago.
Hello and thank you for your question. What can I answer for you?
Customer: replied 6 years ago.

Please respond to the questions above. Thanks

Expert:  INFOLAWYER replied 6 years ago.
To the extent a partner makes a contribution or pays a partnership debt, she can seek to have that reimbursed off the top before you divide it equally.