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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.

Sub: #1 posted on Sun, 07/03/2011 - 20:36

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: )

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.

Sub: #2 posted on Sun, 07/03/2011 - 20:45

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17272 | Credits: )

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.

Sub: #3 posted on Sun, 07/03/2011 - 20:51

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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....

Sub: #4 posted on Fri, 07/08/2011 - 22:24

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