buissness

hi
i have restraunt buissness in patnership 50% each.my partner took half the investment out from account saying that he need it now and will put back after.i dont have any agreement between us.its been 8 months old buissness.my store is suffering from a big depth and when i ask money he says that he used it and even interferring in store operations also.suggest me something...what should i do...

You can file bankruptcy in order to get rid of your business debts. This will make your partner fully liable for the business debts and you will get a discharge. You should contact a bankruptcy attorney and take his opinion regarding which chapter of bankruptcy filing will be best suited for you.

If your partner took his half of the investment out, he is hardly a partner. Sounds like he cashed out.

I think you need to talk with an attorney...maybe not a bankruptcy one but a corporate lawyer.

Ask your partner to return the money back to you. Try one last time. If he still refuses, then you can consult a financial counselor regarding your business debt problem. May be he/she can suggest you the ways to save your business without filing bankruptcy.

i email him couple of times saying that you have to return money as buissness is in debt but he gave me lawyer letter saying that i am mentally harrassing them asking for money again and again and abusing them.i am really concern that is this letter is serious or what should i do now....