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my friend purchased inventory and supplies for a troubled restaurant

with verbal understanding get restaurant...
my friend purchased inventory and supplies for a troubled restaurant with verbal understanding get restaurant back to where it can pay its own bills then repay the money. Nothing in writing. Restaurant is now operating without outside monies. My friend asked me to negotiate getting the restaurant to repay him. Further complicates things, a parttime worker bought 25% ownership for $15,000 in 2010 and sold his ownership to my friend. No one has been paid any money for the ownership. When trying to get the owner, who this year registered the business as a sole proprietorship, to commit to repayment; his response was I know I owe him but he will have to stop whinning about it and wait cause I have too much on my mind. If he wants to take me to court, there is nothing for him to get. Later, I succeeded in getting him to agree to paying a lessor amount. 3 days later when I was ready to put it in writing he changed his mind and said my friend must first sell back the 25% ownership to the original owner for what he paid for it. HELP in North Carolina
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Answered in 7 minutes by:
10/11/2013
Joseph
Joseph, Lawyer
Category: Legal
Satisfied Customers: 5,299
Experience: Attorney with significant and substantial experience in multiple areas of law.
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Hello,

My name isXXXXX am a licensed attorney, and my goal is to provide you with excellent service today.

I need a bit more information from you before I can proceed to provide you with a complete and thorough answer to your question.

Can you tell me what question you have regarding your situation?
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Customer reply replied 4 years ago

What are my friends legal rights considering nothing is in writing and who owns the 25% that he bought from the original investor. The document the investor signed with the signature of the restaurant owner does no say that it couldn't be sold. It just says 25% ownership for $15,000.

Hello Annie,

Thanks for the additional information. I'll look into this and get back to you shortly.
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Can you tell me how much your friend loaned the restaurant initially?
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Customer reply replied 4 years ago

my friend has loaned $17,000 that he can document with checks and credit card statements. Additional money paid out in cash with only my friends record. The $17,000 has been paid out thru June of this year. I just called my friend. He said the first money was $990 in December 2011 for rent.

Hello Annie,

Your friend needs to file suit immediately for the amount that is owed on the loan, as North Carolina only has a three year statute of limitations for contracts. If it is beyond that time, then your friend would be barred by the statute of limitations from bringing an action against the restaurant and it’s primary owner.

Your friend can also sue for the enforcement of the ownership interest, or to receive the monetary value of that ownership interest (at least $15,000). I would suggest that your friend bring both of these causes of action together against the restaurant.

Since this amount (as well as the loan) are well above the limit for small claims court in North Carolina, your friend should consult with an attorney immediately about filing suit based on breach of an oral contract and breach of contract for the ownership interest.

Unfortunately, JustAnswer experts cannot provide you with specific recommendations for attorneys. However, I can give you a few sites that you can consult to find an attorney.
These are:

www.lawyers.com

www.avvo.com

www.martindale.com

I hope the above information is helpful.

Please let me know if you have any clarifying or follow up questions as I want to ensure that you are completely satisfied with my service. Please contact me first if you are contemplating leaving me a negative rating, as I’ll be happy to continue to address your concerns until you are completely satisfied with my service.

If not, please remember to rate my answer positively so I get credit for my work. (It doesn’t cost you anything extra and is necessary even though you’ve made a deposit). Please also rate me highly (9-10) when you receive your customer satisfaction survey as well.

Thanks and best of luck!

-Joseph


Joseph
Joseph, Lawyer
Category: Legal
Satisfied Customers: 5,299
Experience: Attorney with significant and substantial experience in multiple areas of law.
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Customer reply replied 4 years ago

thanks so much for your help. This is the guidance I needed.

Thank you Annie! Happy to help and best of luck!
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Joseph
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