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J.Hazelbaker
J.Hazelbaker, Attorney
Category: Business Law
Satisfied Customers: 4385
Experience:  Experienced and trained in the area of business law.
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Hello, I thought that i would start a new thread just in case

Resolved Question:

Hello, I thought that i would start a new thread just in case you need it to respond to my previous questions ? Thanks
Submitted: 4 years ago.
Category: Business Law
Expert:  J.Hazelbaker replied 4 years ago.

J.Hazelbaker :

Hello.

J.Hazelbaker :

I didn't see any additional questions. If you had them, please feel free to post and I will respond as soon as I can.

Customer:

I did send some information on our last reply but i can do again here.

J.Hazelbaker :

O.K.

Customer:

I do plan on asking one more time if he will add my name to the account, if he says no than i feel i have no other choice but to sue. I do have some previous conversations by email requesting this.

Customer:

Our business is a manufactured home park with 173 lots with 100 occupied, some rental (75%) some lease to purchase (25%) just guessing here. the property also gets lot rent. the property brings in about 50k/monthly with us paying a mortgage 900,000 @10k/month and the expenses of 10-15k. the property appraised at 3 million.

Customer:

I would hate to sell the business its good for our retirement and i would like to settle with a draw from the buisness and having that draw to increase as the lots fill up. I'm not sure how to set it up so i know the information he gives me is accurate.

Customer:

I don't think that i am able to actually run my share of the business due to health reasons so i thought a draw would be best. what do you think?

Customer:

sorry i just realized the time, have a good evening

J.Hazelbaker :

Based on the revenue, you are certainly within reason to demand a draw of your share of the net income.

J.Hazelbaker :

But, I agree that it is better to first try to get his voluntary compliance with the bank account and with the draw before taking more drastic and formal action.

J.Hazelbaker :

And I would make sure to put your requests in writing so that you are creating a paper trail of your attempts to be reasonable.

J.Hazelbaker :

That will help, should you be forced to go the legal route.

J.Hazelbaker :

I'm sorry for replying so late. I had to travel today. I will give this more thought and add to my reply in the morning.

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