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Category: Legal
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Experience:  Licensed attorney helping individuals and businesses
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In Nov. of 2009 I took on a partner. She was to pay me $5000.00

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In Nov. of 2009 I took on a partner. She was to pay me $5000.00 to buy into my business. She signed a promissory note in Nov. of 2009 for $5000.00 due on or before Nov, 2010 to me. Being that she has not paid and is in default can I take back her interest in the company?
Good morning.

I am sorry that your partner has taken advantage your generous investment terms.

You have a couple of options. You can pursue a claim for breach of agreement and file a civil lawsuit to recover. This can be done without a lawyer in small claims court or through a lawyer if you prefer. The other option is to void the agreement and declare the person a non partner in the business. This can be done by letter if there is no formal partnership agreement and if the partner consents, you may want to have the partner sign off consenting to canceling the arrangement. If there was an agreement making the person a partner formally and the partner wont agree to surrender interest in the business, you would need to sue to void the agreement on basis of non performance.

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INFOLAWYER and 4 other Legal Specialists are ready to help you
Customer: replied 6 years ago.
Thank You for you rapid response
My pleasure!!