oral contract

[twistedd]

three people entered into a verbal contract opening a small business in indiana. two of us put in our money, the third was to put his in when we opened. we have recieved no money, and have been open for two months. we would like to know if we can get our money back, or get the third person out? thank you

 

[I AM ALWAYS LIABLE]

three people entered into a verbal contract opening a small business in indiana. two of us put in our money, the third was to put his in when we opened. we have recieved no money, and have been open for two months. we would like to know if we can get our money back, or get the third person out? thank you

My response:

First of all, oral partnership agreements are invalid. So, I would suggest that you all have an agreement created so each of you knows what to expect from the other person.

But, since this third person hasn't paid anything toward the business, there is nothing to require you to allow this person onto the premises. Politely show them to the door, saying, "You are the Weakest Link - - Good bye".

IAAL