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Richard, Attorney
Category: Business Law
Satisfied Customers: 55715
Experience:  32 years of experience practicing law and a businessman.
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I invested over $15,000 in a auto repair shop. My partner

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I invested over $15,000 in a auto repair shop. My partner brought 27,000.00 worth of tools to the table. We since closed the business because my partner was stealing all of the cash. There are so many liabilities that I am taking care of because I currently have great credit, so I am spending more money. The only asset that the company has is the tools. Can I put a lein on the tools so he can not take them or try to sell them without paying a company debts? If so what kind of lein do I use?
Submitted: 7 years ago.
Category: Business Law
Expert:  Richard replied 7 years ago.

Good evening. The tools belong to the partnership and the partnership is entitled to sell them to pay off the partnership liabilities. You can lock them up to keep your partner from taking them because they belong to the partnership not to him. Also, with regard to any money that he has stolen, you can file a civil suit for the refunding of the money and you can prosecute him criminally for the theft. You don't really get a lien on something that the partnership already simply take the tools somewhere where they are safeguarded from theft.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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