Partners in disagreement

[c130redhd]

What is the name of your state? georgia

My friends and I are trying to establish a partnership to operate a window washing service. I contribute $10,000 to the partnership, and the other 2 contribute $1,000 each. The partnership agreement is silent on how profits and losses will be shared. One month after the partnership has begun operation, my partners vote, over my objection, to purchase another truck for the firm's operation. I believe that because I contributed $10,000, no major commitment to purchase by the partnership can be made over my objection. In addition, I think that, in the absence of agreement, profits must be divided in the same ratio as capital contributions. What can are my legal avenues?

 

[Whammo]

I had a similar experience.... here in OK. We failed to write everything down PRIOR to starting the business. However, the judge found that I had over 50% (53% to be exact) of the contributions made, and in the absence of a formal agreement, I was therefore considered to be 53% owner. But this is OK, and this may or may not apply to YOUR state. I suggest you call a local attorney.. the first meeting should be free.

However, if it ends up there likeit did here, you should be considered 83% owner.......

What kind of business is it???? Corp, LLC, Partnership, etc.

Now then, you REALLY need to wake up and form an operating agreement!!!!!!! PRONTO!!!! Money will turn friends, and even family, into the worst of enemies!!!!!