Partner Leaving LLC-no Agreement- Need Advice
Hi,
This may be lengthy.
I opened a store 4 years ago with a friend. She put up the $, around $50K and I put up the inventory. In that time my personal inventory has generated $108,000 in sales. We also own a portion of inventory jointly. We both drew salary. The name and concept I owned before we partnered.
Six months ago she exited the business to pursue other interests. She left me with very little $ in the bank and high CC debt in my name. Her name is on the lease with her family as a guarantor. I took over the business and have been running it alone with success and making sure that rent gets paid on time.
I made her an offer of $10,000 check, I will assume the lease and I will assume the rest of the cc debt in our names. She said she wanted to be amicable and that this was number close to what she was thinking.
Yesterday I got a letter from her lawyer demanding $50,000 payable over the three years remaining on the lease at 6% interest !! I knew she was delusional and useless but come on.
Neither of us ever signed an operating agreement. SO how should I respond to this letter. Do I resend the offer in official lawyer lingo, walk away etc.. What legal rights does she have and am curious what other posters would do in my situation ?
Thank you !
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