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Last september me and a friend were approached about investing

Last september me and...
Last september me and a friend were approached about investing in a bar/restaurant in Ga. We told the other parties we wouldnt be their bank but would be their partner with us holding 50 percent . We agreed verbally and invested 90k with the operating partners basically nothing. We presented an operating agreement and it never got signed. Everything was ok until we opened in March of this year. Sales are better than expected and the place is a local hit. Now we are being ignored by the other side and our involvement is resented. The other parties organized the llc and established the liquor license under their names . We didnt want to be on the license due to other business interests in the area. I was originally on the bank acct but recently the other unfreindly partners went to the bank and filled out a new resolution and took me off the account .. i have kept my cool and continued to ask for a meeting.. We presented a note and accounting of our investment and have had no response except now the locks are changed and the acct password XXXXX been changed. My secretary has been doing the accounting and now they are ignoring her. I am a gaurantor on the lease also. What steps should i take to protect my investment and future profits? I dont think we can remain partners but then again they arent recognizing me and my friend as partners . Do we have remedies?
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Answered in 4 minutes by:
6/1/2011
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,791
Experience: 32 years of experience practicing law and a businessman.
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Good evening. You absolutely have a case. You should file a suit against both of them. The other parties don't get to have it both ways...you either loaned them the money or you own 1/2 the deal. The court is going to zero sympathy for these other parties. At worst they are trying to defraud and steal from you; at best, XXXXX XXXXX not be liable for criminal charges, but still are liable for securities fraud and breach of fiduciary duty. If they don't resolve this with you amicably in some manner, they are going to end up losing everything to you in both civil and criminal court.

 

 

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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,791
Experience: 32 years of experience practicing law and a businessman.
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Customer reply replied 6 years ago
should we file suit against the LLC also.. should we stay away from the establshment until it is settle in court? thanks
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Richard
Richard
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Category: Business Law
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