What is the name of your state (only U.S. law)? Florida.
If 2 people went into business together depositing equal monies into an acct. while 1 of those persons putting the entire business in his/her name, (single member LLC) and the other person decided he wanted to do other things after all the monies invested by both parties are already invested in said business, and now this 2nd person wants monies back. What exactly is this person entitled to since there is nothing but deposits records , stating that he/she is or was a part or factor in said business? There was nothing drafted stating a guarantee of any kind of return on investment in any time frame whatsoever.
Was willing to payback SOME of the monies when profit was made or accrued debt was paid off but have recieved resisitence since. Legally, what is the other person entitled to if anything?
If 2 people went into business together depositing equal monies into an acct. while 1 of those persons putting the entire business in his/her name, (single member LLC) and the other person decided he wanted to do other things after all the monies invested by both parties are already invested in said business, and now this 2nd person wants monies back. What exactly is this person entitled to since there is nothing but deposits records , stating that he/she is or was a part or factor in said business? There was nothing drafted stating a guarantee of any kind of return on investment in any time frame whatsoever.
Was willing to payback SOME of the monies when profit was made or accrued debt was paid off but have recieved resisitence since. Legally, what is the other person entitled to if anything?
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What is the name of your state (only U.S. law)?