Partner sold Company without consent

What is the name of your state? Ohio

I, residing in NJ have been a minor(20%) silent partner for a failing restaurant business in Ohio for 2 years. I have never received any income from the business. Recently, my partners 60% and the other 20% sold the business without my consent. Although my name is on the co, I have never signed anything when the co was formed or sold. I believe they have 'forged' my signature to get the sale and pocketed the proceeds. I have no idea how they sold the business without my signature???

Now my questions are:

1. Is this a criminal act?

2. What are the steps needed to get some of the money(believe some of it had been gambled away) and to get them locked up without exhausting my funds?

1. Is this a criminal act?

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Only if they sold 100% of the restaurant.

2. What are the steps needed to get some of the money(believe some of it had been gambled away) and to get them locked up without exhausting my funds?

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You will have to show that they sold 100% of the interest in the restaurant. And even then there may be no criminal charges brought.

Realistically, no one here can tell you that what was done was legal or illegal. We don't have a copy of the contract, we can't interview the parties and we don't know how the restaurant was sold.

And so now what are you going to do?

They sold 100% of the business.

And so now what are you going to do?

I am going to get a copy of the contract and sue them, hopefully I can get back my share of the sale proceeds.

This case is in Toledo, OH.

I am going to get a copy of the contract and sue them, hopefully I can get back my share of the sale proceeds.

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And that's what you should have done upon giving them any monies in the first place.

Also, how do you know they sold 100% of the company? Since this will be a suit filed in Ohio, my STRONG suggestion (if you can) is to get a copy of BOTH the contract signed when you invested and the sales contract (current one), give them to an attorney in OHIO and let that attorney make a determination as to what occurred and your legal remedies.

Actually, the CORRECt answers to your questions:

"Is this a criminal act?"
*** Presumably, you are referring to your claim that 'someone' signed your name. If they did in fact sign your name, that COULD be a criminal act. However, you don't even know if that happened.

More likely, your 'partnership' was limited (rather than general) and the remaining partners rights to be able to sell the restaurant or not would require a review of your actual partnership papers..... and the rights of each partner.

"What are the steps needed to get some of the money(believe some of it had been gambled away) and to get them locked up without exhausting my funds?"
*** Your first step should be to determine if you have any rights to funds. That would require your reviewing your partnership agreement AND the sales documents. Then you can determine what rights you might have.

Thank you for all your replies. The company was incorporated when it was formed.

" The company was incorporated when it was formed."
Okay, and that makes your post even more confusing!!!!

In your first post, you said that this was a partnership.

Was it a partnership?? If so, were you a limited partner or general partner?? What EXACTLY does your partnership agreement say as to your 'rights'.

Now, you say this was a corporation. They are NOT the same!!!
Was it a corporation?? If so, how many shares were authorized? How many were issued?? What is the current status of the corporation?? What, if any, rights do the shareholders have to review the records of the corporation?? Are you a director or officer of the corporation??

The company was incorporated when it was formed

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Oh Brother

I am sorry for the confusion as I am confused myself.

These people were family friends when they came to me for money to start up a restaurant 2 years ago. As a result, I was entitled 20% of the co which was said to be inc. Although I have never seen the actual paperwork, I knew my name was on the sale contract from the buyer(who is also a family friend).

Anyway, I am going to get the partnership or inc papers from the lawyer who filed the business and the sale contract. It can also be classified as a fraud case as far as I know.