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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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me n my brother are asosiates in a trucking business he got

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me n my brother are asosiates in a trucking business he got the loan for the truck n i been paying the spenses for everything since we got the truck so far i have spend 13,000 n he hasent pay enything, Im paying half of that loa! is there any way i can get that loan under my name n desolve the parnership i got the truck under my name? hes name is XXXXX XXXXX but the loan
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Would you qualify for a loan that equals the balance of the loan on the truck? Also, is the business a registered entity in the state of Idaho?
Customer: replied 5 years ago.
i dont think i will qualify and it is registerd
Expert:  MShore Law replied 5 years ago.
Thank you, XXXXX XXXXX loan is in his name personally, you would not be able to assume the loan to remove his name from it. But if the loan is in the name of the business, and he is the personal guarantor, then you can seek to dissolve the business or buy out your brother and maintain the truck and business operations. Please let me know if you have any follow up questions.
Customer: replied 5 years ago.
Relist: Incomplete answer.
Expert:  MShore Law replied 5 years ago.
Can you tell me what additional information you seek? I ask because you listed the Answer as incomplete but the question posed was whether you could dissolve the business and/or assume the loan in your name only.
Customer: replied 5 years ago.
what should i do next if he doesnt wanna pay me back the money i have spend?
Expert:  MShore Law replied 5 years ago.
You should sue him claiming that he is in breach of the partnership agreement (I presume when you started the business you each agreed to equally divide the profits and expenses). Please correct me if this was not the case.
Customer: replied 5 years ago.
we just started this business n we ware gonna do a contrack but it never got done, i never insist cause he is family so i dont think i will b able to get my money back
Expert:  MShore Law replied 5 years ago.
ok, then sue him on behalf of the business claiming that his failure to contribute to the business expenses serves as an encumbrance to the business operations, and as such his removal from the business is an equitable resolution as otherwise he would stand to benefit from the business profits having not invested any capital in the business.
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