Hi, my situation is a little complicated, i wasnt sure where to get advice from, so thanks for hearing me out in advance.
Last year i attempted to start a business with a friend of mines. Things started to fall apart when he started slacking, eventually he started fooling around with the companies money etc, and it didnt work out between us.
The problem is i invested money into a machine that we used for our company. I invested about 80% into that machine, and he put in the rest.
The mistake i made was when i dropped out, i gave him the option of holding onto the machine (because he was planning to continue on with the business). So in return, he agreed to have a contract together. The contract stated that he would have a period of 2 years to pay me back what i invested into that machine. Otherwise the company (his now) would be required to liquidate assets to pay off debt. The machine would be sold and split 80/20 (to me/him) after the 2 year period. Now he has also given up, and is refusing to give me the machine for any price, i offered, etc, he wants possibly more than what hes put in!
I'm not to sure as what i can do in my situation because he still has roughly another year until the 2 year deadline. But i am afraid he will sell it and lie to me about the price he receives for it. What can i do in my situation?
Any opinions, advice or feedback is welcomed.
Thanks,
Typer
What is the name of your state --> alberta, canada
Last year i attempted to start a business with a friend of mines. Things started to fall apart when he started slacking, eventually he started fooling around with the companies money etc, and it didnt work out between us.
The problem is i invested money into a machine that we used for our company. I invested about 80% into that machine, and he put in the rest.
The mistake i made was when i dropped out, i gave him the option of holding onto the machine (because he was planning to continue on with the business). So in return, he agreed to have a contract together. The contract stated that he would have a period of 2 years to pay me back what i invested into that machine. Otherwise the company (his now) would be required to liquidate assets to pay off debt. The machine would be sold and split 80/20 (to me/him) after the 2 year period. Now he has also given up, and is refusing to give me the machine for any price, i offered, etc, he wants possibly more than what hes put in!
I'm not to sure as what i can do in my situation because he still has roughly another year until the 2 year deadline. But i am afraid he will sell it and lie to me about the price he receives for it. What can i do in my situation?
Any opinions, advice or feedback is welcomed.
Thanks,
Typer
What is the name of your state --> alberta, canada
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