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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118809
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I just bought a partnership in a business 10 days ago now

Customer Question

I just bought a partnership in a business 10 days ago now hes told me hes going bankrupt
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

if he did not fully disclose this to you during your due diligence check into the business, you can seek to sue him for misrepresentation and fraud to seek your money back. You need to first demand return of your money and if not, you need to file suit to seek to take control over whole business including his share to take over to try to work it out so you can build it up and get at least your investment back. He is liable to you for breach of contract and misrepresentation and I would say even fraud, since he knew he was doing this. Fraud means that if you win your suit, he cannot get out of paying you in bankruptcy