• 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.

invested in company that shut down without notice

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

needlegalhelp8

Junior Member
This is my first post in this forum, and I hope I can get some good advice for my situation. Please help.

Last year, I invested into a restaurant startup, which is under an LLC. The restaurant opened and was generating great sales, according to the managing partners and owners. It was on track to meet or exceed its estimates. Then suddenly, early this year, the restaurant closed. One of the owners had closed the restaurant without notifying or getting approval from the other owners, partners, and investors like myself. Now, the partners are trying to get a hold of that owner who initiated the closing and to get some answers (as well as the money). I am currently waiting for answers as all of their lawyers work at it.

Lately, I received several emails from that rogue owner, asking me for personal information such as my social security number. He said it is needed so that he can send me my Schedule K-1. According to him, I cannot file my personal income tax return until I receive the Schedule K-1.

My question is, should I give this person my personal information? Do I really need to submit a Schedule K-1 under the circumstances that I am in now? I am in regular contact with the other partners as they work through the legal obstacles with that owner. They said I do not need the K-1. Is this true? I could use some MUCH needed legal advice.

Thank you.
 



Find the Right Lawyer for Your Legal Issue!

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