How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Dimitry K., Esq. Your Own Question

Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 37884
Experience:  Run my own successful business/contract law practice.
18572087
Type Your Business Law Question Here...
Dimitry K., Esq. is online now
A new question is answered every 9 seconds

Three of us bought a business. we thought you just signed up

Resolved Question:

Three of us bought a business. we thought you just signed up and that was it. We did not realize we needed to do more. On top of that the first one to put their information in ; the business was put in her name. Unfortunately my name was not put in first. Before we knew any of this I bought the other two out. Now I don't know what to do to get my name on the business ; that I am working and paying into as I am not making anything as yet! Someone told us to go into partnership and later the other could just drop out. well we started that but I don't know what's right or not. Or if I will be able to pay whatever is needed to fix this mess.
Submitted: 3 years ago via Nolo Press.
Category: Business Law
Expert:  Dimitry K., Esq. replied 3 years ago.
Thank you for your question.

What state are you located in?
Customer: replied 3 years ago.
Texas
Expert:  Dimitry K., Esq. replied 3 years ago.
I am a bit confused.

Just to be clear, you bought the other people out, and now own their shares. However in the Dept of State it still shows the first person as the legal owner of the business. Do I have the facts straight?
Customer: replied 3 years ago.
yes I just gave them their money . we haven't signed anything with the state yet . Plus the one whoes name it's in lives in Ok.
Expert:  Dimitry K., Esq. replied 3 years ago.
One more follow-up, please. What type of a business entity is this currently?
Customer: replied 3 years ago.
It's network markerting.The company is wonderful and has no idea we're in this mess
Expert:  Dimitry K., Esq. replied 3 years ago.
What type of an entity is this--in other words, is this partnership, LLC, LLP, what exactly did you purchase?
Customer: replied 3 years ago.
When we realize what happen . Someone told us to apply for partnership. So that's what we did . She agreed as long as it didn't cost her anything and if it would fix it for me. We didn't make any money eccept $300. So I paid them both what they paid to but in. Which is all both of them wanted. I called called the company for something and found out the first one signed in was the only one as owner. The one they had as owner had to talk to them. She told them we , the three of us went in together and I bought them out . Then I got on the phone and told her all the work building the business was mine. We hadn't partner on paper until someone told us that was a way to fix this. So that's my question? There's no LLC, LLP, or anything . I don't even know exactly what they are. Help.
Expert:  Dimitry K., Esq. replied 3 years ago.
Thank you for your follow-up.

Who exactly did you apply with for a partnership, the department of state?
Customer: replied 3 years ago.
No to the company . They e-mailed me back and said I needed A Rep. Agreement, the articled of organization/ Incorporation. A legal letter from IRS that displays EIn assigned. I'm lost. Didn't know we had to go to the state until all this came up. Don't want to do anything wrong or badly affect my friend.
Expert:  Dimitry K., Esq. replied 3 years ago.
Oh I see. The company itself wishes to see your incorporation documentation, which you do not yet have.

What you need to do is go to the Secretary of State website and file for a limited partnership document--it will be file 207 (if you are trying to set up a partnership). With a partnership you do not have to provide articles of incorporation, but the document you will be holding should be enough once you file it. However be aware that this may not be useful to you--to file each partner has to pay $200.00 for the initial application. It may be easier to simply ask that the company change the name under yours and have you provide them with a formal letter signed by the others that they are no longer a part of this entity and that you are now the sole proprietor of the assets yourself. That may be simplest and cheapest way out.

http://www.sos.state.tx.us/corp/forms_boc.shtml#fbenc

Edited by Dimitry Alexander Kaplun on 11/2/2010 at 5:02 AM EST
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 37884
Experience: Run my own successful business/contract law practice.
Dimitry K., Esq. and 6 other Business Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
  • http://ww2.justanswer.com/uploads/DC/DCraneEsq/2012-8-14_14436_DCrane.64x64.jpg MShore Law's Avatar

    MShore Law

    Attorney

    Satisfied Customers:

    1233
    Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    1162
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    1142
    Run my own successful business/contract law practice.
  • http://ww2.justanswer.com/uploads/ohioatty/2009-1-22_185545_me.jpg J.Hazelbaker's Avatar

    J.Hazelbaker

    Attorney

    Satisfied Customers:

    393
    Experienced and trained in the area of business law.
  • http://ww2.justanswer.com/uploads/scottymacesq/2009-6-10_221523_small.jpg RGMacEsq's Avatar

    RGMacEsq

    Attorney

    Satisfied Customers:

    393
    Licensed Texas General Practice Attorney
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    301
    13 years practicing attorney, MBA