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Barrister
Barrister, Attorney
Category: Business Law
Satisfied Customers: 23358
Experience:  14 years practicing attorney, MBA
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if one party accepted $3,000 from another party to buy an exsisting

Resolved Question:

if one party accepted $3,000 from another party to buy an exsisting company is that considered a loan or an investment?
Submitted: 1 year ago.
Category: Business Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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If the party who paid the $3K was actually buying either the entire company or some percentage of ownership of it, then it would be an investment. If the money was given with the expectation that it would be repaid by the person who received it, then it would be a loan.
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It is typically discussed and understood as to whether something is a loan that is expected to be repair or an investment that makes the investor a part or sole owner of the business.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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Customer: replied 1 year ago.


One party was under the impression it was a loan and the other was under the impression it was an investment. Nothing was ever signed it was just an exchange of money. The party has paid the other party back the original amount plus interest. Is it still considered an investment? If so what actions can we take to buy the other party out?

Expert:  Barrister replied 1 year ago.
If the one party who received the money paid the entire amount back plus interest, then I would opine that this would be considered a loan. An investment wouldn't carry interest charges and typically wouldn't be paid back.
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Thanks
Barrister
Customer: replied 1 year ago.

How would you buy an investor out if it were an investment?

Expert:  Barrister replied 1 year ago.
Well, if the other person wouldn't voluntarily agree to sell out their interest, any other owner could file a "partition suit" against the person. This is where one owner gets a judge to order that the business be sold so that another owner can cash out their interest. It also serves the purpose of being able to allow one owner to forcibly buy out the other owner because any sale is a public sale where anyone can bid.
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Thanks
Barrister
Customer: replied 1 year ago.


If I am part owner I could file the suit and she would have to cash out her interest but what does it mean anyone could bid?

Expert:  Barrister replied 1 year ago.
Yes, for something like this, it would most likely be a public auction of any assets owned by the company and anyone could bid. If you were wanting to buy the other person out, you would have to compete with any other public bidder.
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Thanks
Barrister
Customer: replied 1 year ago.

Could we file for a partition by allotment? Is that allowed in jacksonville Fl?

Expert:  Barrister replied 1 year ago.
Yes, that would be permissible in FL under Civil Rule 64.
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64.051 Judgment.--The court shall adjudge the rights and interests of the parties, and that partition be made if it appears that the parties are entitled to it. When the rights and interests of plaintiffs are established or are undisputed, the court may order partition to be made, and the interest of plaintiffs and such of the defendants as have established their interest to be allotted to them, leaving for future adjustment in the same action the interest of any other defendants.
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Thanks
Barrister
Barrister, Attorney
Category: Business Law
Satisfied Customers: 23358
Experience: 14 years practicing attorney, MBA
Barrister and 6 other Business Law Specialists are ready to help you

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