• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Need Help With An "Ex Partner" Too!

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

tturner2

Junior Member
I am in Virginia. I have owned a retail business since 1997 which was set up as a sole proprietorship. In 1998 I took on a partner, thought we DID NOT change the form of partnership. In 2005 we set up a LLC with each of us holding 50% of the stock.

This summer we have had a disagreement and I have left the business. The business has had major money problems and my "partner" has put a lot of her own money into it to keep it afloat. I have not had equal amounts of money but have however put in vast amounts of "sweat equity".

She now has put everything in her name (however business license with the county still shows me as the sole proprietor) and claims she is now the "owner". I am not privy as to what she has worked out with our accountant regarding the LLC and who owns what stock. NOTHING has been signed between us and we have proceded in this direction on a verbal agreement.

Do I have any legal options here? I need to be able to contine to work and would like to see what I can do in this situation. Thanks!
 


JETX

Senior Member
tturner2 said:
Do I have any legal options here?
Yep. What they might be... is subject to a lot of variables. Some are:
1) What EXACTLY does your partnership agreement say as to dissolution??
2) Your post says that she has "put everything in her name". What EXACTLY does the agreement say as to her rights to do so??
3) How EXACTLY did she "put everything in her name"? What is everything??

As you can see, there are a LOT of issues that arise that really preclude proper advice online. I suggest you take all of the documents to a local attorney who can review them and advise what rights, if any, you have.

Also, contact the accountant, bank, etc. and get copies of ALL current balances, statements, etc.
Do you have access to the property?? If so, go in and DOCUMENT (videotape) ALL LLC owned assets.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top