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Should I bail or stay. Partner cheating..

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R

rdianiz

Guest
What is the name of your state?CA
Purchased half ownership of a sole company 9 months ago. Two months ago my partner filled Chapter 7 BK for his personal/individual. He claims it was for a prior divorce settlement he failed to commit. None of my business.

Here's the problem:
Since almost everything are on his name, being the original owner, he's the only one managing books. I had doubts from the beginning but now I'm ready to move on either take him to court or ask for my money back. Or Can I? Per our contract signed agreement, all profits should be split between two partners. But this has never happened. I make alot less, so much less that our worker is making more than me. I confronted him three to four months ago but he always says that he had to pay bills etc. I know he's making alot more money than me and he knows it too. But what can I do. I know in the future I'll need a good lawyer but can I do for the meantime. I know one thing for sure I can't do anything until his BK chapter 7 is over. Please help. I can't wait.....
 


Questions...

By "sole company" do you mean "sole proprietorship" (sp?)? If so, you purchase of half interest takes it out of that realm. Technically, his personal BK should have no effect on the company...but...

It sure sounds like its time for you to get a lawyer and see what your rights are.
 

Dandy Don

Senior Member
You may also want to consider paying an audit firm or CPA to have the books audited. There is probably a history of him taking out more monies than he was authorized to, but you will never know for sure until you look into it.
 

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