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Ive had my Business for 3 years. I outsource repairs on certain

I've had my Business for...
I've had my Business for 3 years. I outsource repairs on certain items brought into my business. 10 months ago me & the guy use to do these repairs decided to become partners in my business. I operate the business daily & his role was also to be there daily doing these repairs, And never showed up,Not Once. He gave me some money to buy into my business me at 51% of profits & him 49%. We wrote a temporary contract stating he gave this money & this was a temporary contract the official 1 would be created & signed the following week at the bank I have my business account at-Took it to my bank, had it notorized & talked to my banker about getting setup as a partnership & creating an official contract. My Banker told us return the following Monday,he'd have everything ready for us to sign. That Monday I called to see if he would meet me at the bank, his reply "set it up for another time Im busy." Now he wants his profits or his money back. What are my [email protected]
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Answered in 7 minutes by:
10/5/2011
David L
David L, Attorney
Category: Business Law
Satisfied Customers: 3,255
Experience: Corporate and Business lawyer since 1997
Verified
Hello. I would say that the right thing to do would be to give him his money back and terminate the "partnership." You wouldn't have much right to keep the money he invested, but he also should have no right to profits, since he has done nothing he promised.
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Customer reply replied 6 years ago
The thing is he is damanding his money right of way. I've used yhe money on other things. It wasnt suppossed to be put into the Business, It he was simply buying in. I wasnt prepard to have to give it back to him at the time. I really thought he was going to be fully involved. My Question is how good is the contract. It clearly stated it was a temporary contract untill the following week.
The problem I see is that you did accept the money and used it in the business. Thus, let's assume that he "bought in." In that case, he does own a share of the business and would be entitled to at least a portion of the profits. You and he can argue over the terms of the agreement and the actual amount of profits he should receive. You can argue that part of his investment was supposed to be in the form of contributing services, which he never did. I think you owe him something, but how much is up for debate.
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Customer reply replied 6 years ago

I Agree. I told him I would give him his money back, but he would have to take payments. But he no he needs it A.S.A.P. - I also gave him the option to start coming in and start doing what he was suppossed to do from day one, he dosent want to do that. As far as profits the business is paying itself. Not really profit to give. I give him full access to all paper work, invoices, sales, & whatever else he wants to see.

My arguement is I feel he just wanted to sit back and collect profit without putting in work and that was not the agreement.

I agree with your argument, and I'm not sure you have to immediately give him back the whole thing. I guess the botXXXXX XXXXXne question is will this end up in litigation or can it be resolved between the two of you? If you can work out a reasonable agreement, then that is clearly the way to go. You have a valid argument that he never performed. He has an argument that he gave money to the business. You can tell him there are no "profits" and therefore, there is no distribution at this time. You can also tell him that if he wants his money back, you are willing to give him an x lump sum or more than x but it will be returned over time.
David L
David L, Attorney
Category: Business Law
Satisfied Customers: 3,255
Experience: Corporate and Business lawyer since 1997
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David L and 87 other Business Law Specialists are ready to help you
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Customer reply replied 6 years ago
Ok. Thank You for your help
You're welcome. Good luck.
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David L
David L
David L, Attorney
Category: Business Law
Satisfied Customers: 3,255
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