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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.
I did send some information on our last reply but i can do again here.
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.
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.
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.
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?
sorry i just realized the time, have a good evening
Based on the revenue, you are certainly within reason to demand a draw of your share of the net income.
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.
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.
That will help, should you be forced to go the legal route.
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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