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Partnership dispute

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Travis Rieken

Guest
I would appreciate any advice in this area. One year ago i had an idea for a business and asked one of my friends to partner, myself owning 80%, my friend 20%; however we never signed a contract. His father created a business plan for this new business to raise money. I used the business plan to raise the money, but no longer want my friend to own twenty percent, since I raised the capital myself, and don't want him in the company at all.

Legally can he sue for his portion of the company because we used his business plan?

Do I owe his father anything for the plan?

Basically can he take me to court on any grounds?

I would greatly appreciate any advice thank you!
 


ALawyer

Senior Member
Obviously he can sue. He and/or his father is probably entitled to something and just because you changed your mind shouldn't mean they get nothing.

The issue is how can you minimize what are they entitled to?

It really depends on the state and the business plan and the statements you made to them and the investors and the work the other guy did, and failed to do.

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