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Alex Esquire
Alex Esquire, Attorney
Category: Business Law
Satisfied Customers: 12764
Experience:  Experienced Licensed Attorney
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Myself and four others verbally set up a partnership to manufacture

Resolved Question:

Myself and four others verbally set up a partnership to manufacture and sell a new energy drink. We approaced and received $20K from an investor.

We all agreed in conversation on the duties of each partner; The partner assigned the task of managing the bank account, started writing check not authorized by the group. In additon, they had the product shipped to them and I believe are using the sale of the product to supplement her income.

The individual and her husband, one of the other four, have failed to meet with us and try to work out the situation. What advise do you have?
Submitted: 1 year ago.
Category: Business Law
Expert:  Alex Esquire replied 1 year ago.
Hello. My name is XXXXX XXXXX I will be happy to answer your question.


JustAnswer.com legal professionals, such as myself, are strictly prohibited from providing JustAnswer.com customers with any type of legal advice / opinion, as such can only be obtained from your local licensed attorney during an in person consultation, but I can provide you general answer based on the common principles of law.

Can you please let me know what is your legal question?
Customer: replied 1 year ago.

The fact that we only had a verbal agreement between the partners, and two of they seems to run out with the product and what was left of the 20K; Do we have a case to take to the Oklahome police or to an attorney.

Expert:  Alex Esquire replied 1 year ago.
Dear XXXXX,

Thank you for your follow up.

Did you ever register any type of business entity, such as partnership with the state?

How was bank account set up? In which names?

Was there any type of written agreement between any of the "partners" and investor?
Customer: replied 1 year ago.

The financial member was requested to register for the group. In fact, it has now come to light the two registered the business only in their name. The bank account the main partner sent the a signed banking document to her, it was torn up and she was the only one listed on the acouunt.


 


We did draw up an agreement, however both her and the husband did not sign and return the documents to the President of the group.


 


The President, work the production of the product with a vendor...the vendor was called by the wife or husband and had the product shipped to them and not our first customer.


 

Expert:  Alex Esquire replied 1 year ago.
Dear XXXXX,

Thank you for your follow up.

Since there is no written documents / agreements that can be used to prove that any type of partnership was intended or ever existed, this would not be a criminal matter, but rather a civil matter which would have to be pursued through the local civil court by the partners who were cheated out of their share of business and also the investor can pursue the partners that have takes money intended for the development / operations of the business and are using it for their own purpose.

Unfortunately, given the fact that there is now written agreements or other documents that exist that can be used in court to show intent of the parties, it would be one persons word against the other and it might be difficult to successfully pursue such claims in court.

I would strongly suggest for you to consult with a local business law / commercial law attorney and this local attorney would be able to review all the facts related to your situation and determine whether it would be prudent to pursue a legal claim at this time.

I wish you the best of luck!
Alex Esquire, Attorney
Category: Business Law
Satisfied Customers: 12764
Experience: Experienced Licensed Attorney
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