What is the name of your state (only U.S. law)? Colorado
My partner (bought a 45% interest) in my existing business. Now after only a year in, she is looking for any excuse to get out. She has quit working which we agreed we both need to do to make the business work. We were working on expanding one area of the business and that is all she worked on. Now apparently, her agenda is to get out. She wants an outrageous amount of money. The business has not had profit since she bought into the business, the value of the business in on a downward spiral with the economy and there is no excess cash either in the business or my bank account to pay her much. I paid for a business valuation which shows what her share would be if we sold it. I am going to abandon the expansion we were doing because it is losing money. The other portion of the business is also losing money. Some of her clients are not paying their bills to us. There is no signed agreement of any kind. She did not require any financials when she got into the business. Her threat is to sue me for fraud. Does she have any cause and what can I do to get this resolved. We are going to mediation.What is the name of your state (only U.S. law)?
My partner (bought a 45% interest) in my existing business. Now after only a year in, she is looking for any excuse to get out. She has quit working which we agreed we both need to do to make the business work. We were working on expanding one area of the business and that is all she worked on. Now apparently, her agenda is to get out. She wants an outrageous amount of money. The business has not had profit since she bought into the business, the value of the business in on a downward spiral with the economy and there is no excess cash either in the business or my bank account to pay her much. I paid for a business valuation which shows what her share would be if we sold it. I am going to abandon the expansion we were doing because it is losing money. The other portion of the business is also losing money. Some of her clients are not paying their bills to us. There is no signed agreement of any kind. She did not require any financials when she got into the business. Her threat is to sue me for fraud. Does she have any cause and what can I do to get this resolved. We are going to mediation.What is the name of your state (only U.S. law)?