What is the name of your state? Oregon
I have no signed agreements with my partner. LLC was formed in aug 06, in oregon, with my partners name as agent. I was told that other members can only be added next year.
Federal tax id also only has my partners name. The oregon BIN number has both our name. The merchant services also mentions that both are partners 50% each. The business was purchased in both our names.Bank account doesn't have my name, as we didn't have a written operation agreement. Some e-mails between us, describes about the ownership, but no signed documents.
The verbal agreement was 50% ownership each and profit and sharing too. I was supposed to be compensated for my services each month and I had to repay 25% of personal loan from the partner. (Capital contribution me - 25% + 25% loan from my partner , my partner - 75% of which 25% is loan to me.) We didn't have any signed promisory note. I was supposed to fully manage the business.
We where working on operation agreement with an attorney and slowly the verbal agreement was not being accepted then. My partner wanted equal managing rights and started micro managing day today activities. The difference of opinion started . they didn't may my compensation, eventhough I spent 16 hours for business every day. I told them that I can pay the personal loan only if the compensation was paid to me. I approached banks for loan and couldn't get any.
now my partner, doesn't want me in the business, nor is paying me my money back for a buy out. My partner is also, communicating personal race, religion information about me to the customers. My partner threatening me about bringing in police and also survellance cameras at the business. But when I took a police to the business, she is giving different information. They changed locks of the storage, business, bank accounts without my knowledge.
How can I handle this situation, I need my money back and my partner not to destroy my reputaion with the customers. What should I do?
I have no signed agreements with my partner. LLC was formed in aug 06, in oregon, with my partners name as agent. I was told that other members can only be added next year.
Federal tax id also only has my partners name. The oregon BIN number has both our name. The merchant services also mentions that both are partners 50% each. The business was purchased in both our names.Bank account doesn't have my name, as we didn't have a written operation agreement. Some e-mails between us, describes about the ownership, but no signed documents.
The verbal agreement was 50% ownership each and profit and sharing too. I was supposed to be compensated for my services each month and I had to repay 25% of personal loan from the partner. (Capital contribution me - 25% + 25% loan from my partner , my partner - 75% of which 25% is loan to me.) We didn't have any signed promisory note. I was supposed to fully manage the business.
We where working on operation agreement with an attorney and slowly the verbal agreement was not being accepted then. My partner wanted equal managing rights and started micro managing day today activities. The difference of opinion started . they didn't may my compensation, eventhough I spent 16 hours for business every day. I told them that I can pay the personal loan only if the compensation was paid to me. I approached banks for loan and couldn't get any.
now my partner, doesn't want me in the business, nor is paying me my money back for a buy out. My partner is also, communicating personal race, religion information about me to the customers. My partner threatening me about bringing in police and also survellance cameras at the business. But when I took a police to the business, she is giving different information. They changed locks of the storage, business, bank accounts without my knowledge.
How can I handle this situation, I need my money back and my partner not to destroy my reputaion with the customers. What should I do?