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I started a business with my Father. I took a loan out to start

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the company about $5000.00. I...
I started a business with my Father. I took a loan out to start the company about $5000.00. I bought a truck and a piece of equipment also on loan for $11000.00. My credit was used to purchase all materials and start all accounts. The intent of the company was that I would run the office and he would supervise the job site. However because his poor business skills he has mannaged to run the debt up on my credit to $12500.00. He will not listen to anything I say and makes the worst decisions possable. His latest thing was while I was gone on my aniversery he decided to draw all the money out of every account. I have come to regret this partnership and have come to find out he is a selfish idiot. Do you have any suggestions?
Submitted: 6 years ago.Category: Business Law
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Answered in 3 minutes by:
1/3/2011
Business Lawyer: Ellen, Attorney replied 6 years ago
Ellen
Ellen, Attorney
Category: Business Law
Satisfied Customers: 36,714
Experience: 25 years of experience helping people like you.
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Hello,

Thank you for your question. I am happy to assist you.

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by JustAnswer.com and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open and nonconfidential forum.

Generally speaking and based only on the information contained in your post you may be entitled to compensation based upon legal theory of joint venture.

Under a joint venture theory the court would look at your relationship like it would any business partnership that was dissolving. The court would attempt to determine what the terms of the joint venture were between the partners and divide the property accordingly.

I suggest that you retain local counsel to file your action
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Customer reply replied 6 years ago
The debt that is in my name for the company. Should we split would I be solely resposable for that debt?
Business Lawyer: Ellen, Attorney replied 6 years ago
You are currently solely responsible for that debt to the creditor. However you have an agreement with your father that the business would pay the debt. This would be one factor that the court would determine in dividing the assets and liabilities. Based upon your post, the court may equally divide the assets and liabilities
Ellen
Ellen, Attorney
Category: Business Law
Satisfied Customers: 36,714
Experience: 25 years of experience helping people like you.
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