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Old 26th March 2011, 12:17 AM   #1
d73
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Default Business Partner Lied About Assets To Contribute

My fiancee started a small buisness with a partner. Of course nothing was made out in writing, which i said was a HUGE mistake, no contract. All was verbal. His partner stated several times he had plenty of money, and I quote " don't worry about money, i will do all the buisness and promote, you be the hands on guy" he indicated he had tons of money , and was also getting money from laundromats he was partners in. My fiancee did not want to open until feb 2011. As he had bugeted funds for his half to invest to have it all by then. His partner insisted they open Dec 2010 as he had money not to worry. So they opened Dec 2010. My fiancee literally built the store by hand, all the physical labor , it took 7 months and several thousand from him also. he also does all the maitainance daily of the store. BUT his partner did NO promoting. And the cash flow stopped at 5k while my fiancee put in 18k. My fiancee did all of the promo , internet, buisness cards, networking, and built a website. On top of that his partner went to a loan shark and borrowed money. my fiancee confronted his partner and he admitted he lied about all the money he had, (as he just wanted in) . Things went sour from there and
they cannot even be in the store at the same time. his partner now wants OUT and wants my fiancee to buy him out. He wants 5k (what he invested) . or my fiancee to sell all the merchandise and divide the funds. If not he will sue. can he do this ?? I think he misrepresented him self !!!!

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Old 27th March 2011, 04:11 PM   #2
AngelBiz
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It's difficult to understand the entire situation based on your discussion. My suggestion is to contact the lawyer; which he should have done before starting the business. Don't dig yourself further into hole. Obviously your fiancee has more to loose from this than his partner.

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Old 28th March 2011, 04:32 PM   #3
dowson12345
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Go to court and solve the problems. A good lawyer will be ideal for your situation.

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Old 27th April 2012, 11:44 AM   #4
Brutixx
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Quote:
Originally Posted by d73 View Post
My fiancee started a small buisness with a partner. Of course nothing was made out in writing, which i said was a HUGE mistake, no contract. All was verbal. His partner stated several times he had plenty of money, and I quote " don't worry about money, i will do all the buisness and promote, you be the hands on guy" he indicated he had tons of money , and was also getting money from laundromats he was partners in. My fiancee did not want to open until feb 2011. As he had bugeted funds for his half to invest to have it all by then. His partner insisted they open Dec 2010 as he had money not to worry. So they opened Dec 2010. My fiancee literally built the store by hand, all the physical labor , it took 7 months and several thousand from him also. he also does all the maitainance daily of the store. BUT his partner did NO promoting. And the cash flow stopped at 5k while my fiancee put in 18k. My fiancee did all of the promo , internet, buisness cards, networking, and built a website. On top of that his partner went to a loan shark and borrowed money. my fiancee confronted his partner and he admitted he lied about all the money he had, (as he just wanted in) . Things went sour from there and
they cannot even be in the store at the same time. his partner now wants OUT and wants my fiancee to buy him out. He wants 5k (what he invested) . or my fiancee to sell all the merchandise and divide the funds. If not he will sue. can he do this ?? I think he misrepresented him self !!!!
This sounds very familiar to what I am dealing with only the partner locked me out and took everything I had paid for
I am not sure what state you are in but in NY allot of bad things that can happen become a huge civil nightmare
I would suggest getting a good business attorney like I had to

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