How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen, Attorney
Category: Business Law
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
Type Your Business Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

A friend and I wanted to start a business, so he borrowed ...

This answer was rated:

A friend and I wanted to start a business, so he borrowed $10,000 from me and took care of all the paperwork. After several months, the business was not establish, nothing was prepared for it, we just had a name and papers saying we own one. I asked for the money back since it was obvious the business was not going anywhere and my "friend" was using the money for his own needs. He agreed to repay me back. It''s been over a year, and so far he only paid back $2100. Can I take him to court and what do i need (forms to file, etc)?

Thank you for directing your question to me. Please tell me if you have an agreement in writing with your "friend" and who incorporated or otherwise set up the business for you. If it was your "friend", is he a lawyer or accountant? What state did this take place in?
Ellen and other Business Law Specialists are ready to help you
Customer: replied 9 years ago.
Unfortunately, there was no written agreements of any kind. My friend set up the business for us, and i went to state SBA to check it, and both our names are XXXXX XXXXX No third parties were involved.
We live in Texas currently.
Is your friend an attorney of accountant? Is it a corporation?
Customer: replied 9 years ago.
My friend is neither an attorney, nor an accountant. I believe the business was eatablished as an LLC.


Thank you for the information. I am happy to assist you.

Generally speaking and based only on the information contained in your post you may be able to bring an action against your friend for civil theft.

Civil theft is governed by Texas § 134.002. and is actionable if an individual has unlawfully appropriated property. If you are successful in your action, § 134.005. provides for a recovery of the money owned, damages of up to $1,000 and attorney's fees and costs.

I suggest that you retain an attorney to assist you in this matter. However, if you are unable to retain an attorney I you can obtain templates of the necessary forms at your local law library. The librarian can direct to the proper forms for civil theft.

I hope that I have been helpful.

If you have any additional questions that you would like me to assist you with, you can start your question off with: This question is for FLANDNYLAWYER.

Please CLICK ACCEPT so I can receive credit - Bonus = job well done.