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I run an emissions business in Dallas, ga. I worked for the

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guy who used to own...
I run an emissions business in Dallas, ga. I worked for the guy who used to own then business, then when he decided he wanted to sell it, I managed to talk someone into being partners with me to buy it and run it. The initial verbal agreement we had was he would buy the business and a highly discounted rate I negotiated for $20,000, and I would run and manage it full time, and in exchange we would be 50/50 partners. When he purchased the business his el cheapo lawyer oversaw the sale and drew up a simple one page sales agreement between him and the previous owner, but I was going to be the business identity and sole so ofcorse the previous owner was told to transfer everythig into my name. A handwritten letter was done and signed by the previous owner to me transferrig sole ownership of the machine and equipment, a single page lease agreement was made between me and my business partner who owns the gas station and main lease of the property, subleasing the emissions building to me for ten years, and the business ein is setup as a sole proprietorship in my name, the local business license is in my name, and the insurance is in my name, and the paperwork and everything filed with the state to certify the emissions testing faculty is all in my name solely. He didn't want to be official on anything for tax purposes and liability reasons, and wanted to be a silent partner and just collect his share. After three months he became unhappy with me and tried to throw me out. Told me to leave I didn't pay for anything and that he didnt want to be partners anymore and that it was all his unless I paid him 10,000 for 50% or jacked up the price to 35,000 for 100%. I told him I wasnt going anywhere that everything was in my name and we were partners. Does he legally at this point own any of the business at all, and what is he entitled too because I am tired of dealing with him and his issues. He cheats on his wife, he does drugs, and runs gambling machines out of his gas station. What do I need to be worried about and what am I entitled too?
Submitted: 5 years ago.Category: Business Law
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Answered in 6 hours by:
11/2/2012
Business Lawyer: Fran-mod,
 replied 5 years ago
Fran-mod
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Hi, I'm a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

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Customer reply replied 5 years ago
Relist: Incomplete answer.
Business Lawyer: Wendy-Mod,
 replied 5 years ago
Wendy-Mod
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Thank you for your patience. We will continue the search for a Professional for you.

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Business Lawyer: Fran-mod,
 replied 5 years ago
Thank you for your patience, your business is very important to us, we are waiting on the Professional with the right expertise to come online. Feel free to let us know if you would like us to continue searching for a Professional or if you would like us to close your question. Thank you for your understanding!
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Business Lawyer: MShore Law, Attorney replied 5 years ago
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25,285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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Thank you for the post, I am happy to assist you by answering your questions. Please let me know if you would like to continue.
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Customer reply replied 5 years ago
Relist: Incomplete answer.
Business Lawyer: MShore Law, Attorney replied 5 years ago
Hello, there may be a misunderstanding as to the purpose of the relist: incomplete answer function. I did not provide an answer, I submitted an information request because I wanted to confirm your desire to continue. It appears you would like to continue, is there a partnership agreement between you and your partner?
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Business Lawyer: MShore Law, Attorney replied 5 years ago
would you like to continue? is there a partnership agreement between you and your partner?
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