What is the name of your state? Florida
Here is the situation in a nutshell.
Two partners. Myself and Jim
3 businesses - AMS, FCBG and AMB
AMS - Gross Revenue about $500,000;Net on track for about $150,000
- 1 year old
45% Myself
45% Jim
5% Doctor
5% Business
Loan - I"ve loaned the business $55,000 it now owes me $35,000
AMB - Gross Revenue about $200,000;Net on track for about $110,000
- 2 years
100% Jim
Verbal
50% Jim
50% Myself
FCBG - Gross Revenue about $350,000;Net on track for about $100,000
- 16 years old and established
Verbal
50% Jim
50% Myself
I've put up cash for purchasing business. About $60,000.
Up until we bought FCBG jim has worked full time in the other two businesses. He has taken salary from AMB but not from AMS. Pretty serious issues came up about, what else, money. Other issues came up that made me decide that it was best for us to split. What we have basically agreed to is that Jim will be 100% owner of AMS and AMB and I will be 100% owner of FCBG. AMS will only be responsible for paying back the loan it owes me of $35,000. As of 6/1 AMS had $85,000 in the bank. Jim is upset about the events but up to now has agreed. I don't really want to stir the pot and really just want to get out with FCBG and my $35,000. Now the tricky part. Jim and I purchased FCBG but we have not signed anything that shows the percentage ownership. We also have not filed the papers with the state. I did sign the papers for the Stock certificates and have the stock certificates for FCBG. He has removed me from AMS checking account and I've removed him from FCBG's banking account. I don't know what the balance is now but I'm suspecting around $100,000 unless he has decided to pay himself a distribution. If Jim decides to make an issue of the split what are my options. He really doesn't want to pay me my loan back. I know I've not given you a lot of info but if you have specific items you need to ask me please do.
Here are a couple of questions.
1) How do I get access back to the bank account.
2) What if he has paid himself a distribution.
3) Can he do this without my consent?
4) What are my legal rights to the ownership of FCBG?
5) Can he get access to FCBG bank account?
Thanks for your advice.... And yes I know I didn't do very well in making sure all the appropriate papers were drawn up before getting into this.
Morris
Here is the situation in a nutshell.
Two partners. Myself and Jim
3 businesses - AMS, FCBG and AMB
AMS - Gross Revenue about $500,000;Net on track for about $150,000
- 1 year old
45% Myself
45% Jim
5% Doctor
5% Business
Loan - I"ve loaned the business $55,000 it now owes me $35,000
AMB - Gross Revenue about $200,000;Net on track for about $110,000
- 2 years
100% Jim
Verbal
50% Jim
50% Myself
FCBG - Gross Revenue about $350,000;Net on track for about $100,000
- 16 years old and established
Verbal
50% Jim
50% Myself
I've put up cash for purchasing business. About $60,000.
Up until we bought FCBG jim has worked full time in the other two businesses. He has taken salary from AMB but not from AMS. Pretty serious issues came up about, what else, money. Other issues came up that made me decide that it was best for us to split. What we have basically agreed to is that Jim will be 100% owner of AMS and AMB and I will be 100% owner of FCBG. AMS will only be responsible for paying back the loan it owes me of $35,000. As of 6/1 AMS had $85,000 in the bank. Jim is upset about the events but up to now has agreed. I don't really want to stir the pot and really just want to get out with FCBG and my $35,000. Now the tricky part. Jim and I purchased FCBG but we have not signed anything that shows the percentage ownership. We also have not filed the papers with the state. I did sign the papers for the Stock certificates and have the stock certificates for FCBG. He has removed me from AMS checking account and I've removed him from FCBG's banking account. I don't know what the balance is now but I'm suspecting around $100,000 unless he has decided to pay himself a distribution. If Jim decides to make an issue of the split what are my options. He really doesn't want to pay me my loan back. I know I've not given you a lot of info but if you have specific items you need to ask me please do.
Here are a couple of questions.
1) How do I get access back to the bank account.
2) What if he has paid himself a distribution.
3) Can he do this without my consent?
4) What are my legal rights to the ownership of FCBG?
5) Can he get access to FCBG bank account?
Thanks for your advice.... And yes I know I didn't do very well in making sure all the appropriate papers were drawn up before getting into this.
Morris