Hello again. I'm still awake, so I'll address your follow-ups immediately:You are talking about a written agreement, however there was a written agreement between him and I. We did have My son write a note saying that this was our assets and that he was not to be held accountable or any liabilities.A: I would have to review the agreement, but as a practical matter, if you pay over any profits (if any exist), pay off the liabilities and distribute assets to the person who contributed them, then your partner is not going to sue. There would be little point, because by the time you are done, the only persons who will get any money will be your attorneys. You and your partner are each struggling to earn a living. You don't have the resources to sue each other -- right? So if understand you correctly, I don't have to t my partner take over.. I feel the remming assets should be sold and the remming 15k in a /r should be collected by the bills and be done.A: Depends on in whose name the assets are held. For a vehicle, if title is in your name, then you can sell it. Again, your partner is not going to sue you -- because the cost of the lawsuit is too expensive. And as for her, I guess although she said she would pay me my salary and did not revive it all in the last three years I should let that go as we'll?? A: I can't tell you to "let it go." All I can say is that I don't see how you will be able to win this sort of claim in court. If it were only a few months since you were last paid, you would have a case. But, after three years, the implication is that you agreed to work in anticipation of profit, but without a salary, because no one would remain employed under such circumstances. The court would not likely buy into the claim that you anticipated being paid a salary throughout the last three years. And last question, a verbal agreement between 3 people would not hold up in court.. If I knew she was going to do this I would of just taken my money and got a new job and saved the 50k.A: An oral/verbal agreement is practically impossible to prove. Everyone will remember the deal differently. Again, I cannot tell you to let it go -- but, I can tell you that you could spend another $50K trying to prove your case in court, and you could lose, which would put you $100K out of pocket to the negative. I doubt that you would want to take that risk. Your partner needs to realize that this enterprise is finished, and it's time to move on. If you can't come to an agreement to sell the assets, then offer to split the cost of a mediator and then contact the American Arbitration Association and hire a retired judge to tell you what's likely to happen if you end up in court. By the time the meeting is over, your partner will agree to let it go, sell the assets and move on.
Or, have your partner open up a Q&A session here at justanswer.com and ask me some questions about the situation. I'm just an objective voice, so I'll be happy to tell each of you the risks/costs of a legal action over the partnership. Hope this helps.
ok ... we opened this Business in my SONS name !!!! Neither my name or my partners name is XX XXX LLC . However we type up a paper saying
that my son is not responsible for any debt that the LLC has and that neither my partner or I will sell the assets with out each other knowing.
and that my son owned 0 % of the Business. However in 2010,2011, 2012 we filled the taxes as a corp and in my name.
i told my partner we have to opions .
1.) I buy him out for 10K and Give him a 2002 FORD F250 SUPPERCAB .
2.) I file a disilution of the business and he can keep all the assets and the customers and open his own LLC in his name .
Now he says how do I run route when you sold the trucks ... And says make him a fair deal or I am going to go to JAIL .
Thank YOu ... Last thing . how does all this work if the LLC is in my Sons Name but the tax returns were filled in my name
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