Partnership Legalities

This is a discussion on Partnership Legalities within the Other Business & Finance Law Issues forum, part of the BUSINESS & FINANCE LAW category; I own a business with a partner. We entered into this partnership as equal partners. As soon as we purchased ...

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Old Jan 28th, 2008, 10:42 PM   #1
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Confused Partnership Legalities

I own a business with a partner. We entered into this partnership as equal partners. As soon as we purchased this business the first week we were open she went on vacation to Mexico. At first she stopped by once in ahile and I think she actually came in to help me with jobs 3-5 times in 2 years. She left me to run the business and to deal wtih all the finances. She is now upset that we have debt and she is responsbile for some of it. I have documented evrey hour that I have worked and all 6 hours or so that she has worked. She also moved 2 hours away last Summer and almost from day one ahs had no interest. Now she is talking to a lawyer because of a piece of equipment she signed for for lease I cannot afford to pay at this time and she is receiving letters and phone calls. Wha tcan she get out seeing the lawyer and what can happen to me, if anything? I cannot afford to pay a lawuer at all. I'm lucky if I can afford the bills for this business. I have depleted all my finainces and have also depleted a lot of parents'. As I figure it she has her initial investment and one bill($4300) in her name to deal with. I have over $25,000 in my name in loans and bills. What can I do?
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Old Jan 30th, 2008, 08:57 PM   #2
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Default Re: Partnership Legalities

That really depends in part what you agreed.

She is liable for the debt as to the creditor but what was your deal with her--was she supposed to work each day or just be a cash investor.

If she did not keep her part of the deal then she may owe you for damages or may even owe more on the debts etc.
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