Legal Question in Business Law in Arizona

I am 50/50 partners in an LLC woth no formal operating agreement.My partner said she would borrow 1/2 of the money from her mother and I would put up the other 1/2 to buy a critical piece of equipment for the business. When it came time for the purchase she said her mother wouldn't give her the money so her friend loaned her $6000 and I had to put in $14000. i have wanted out of the business for months bu my partner doesn't have the money to buy me out. She has not paid the rent for two months, bounced checks, misused company funds for personal ventures and the phone bill has gone into collections. I removed the machine out of the space we were renting so as not to incur another whole month's rent. we mever signed a lease agreement. Now my business partner said I will be charged with a felony since I took the machine. I have docmentation I paid $14000 to her friend's AX credit card. Can I be charged when I own over 2/3 of the machine? My partner also says I am liable for 1/2 of the $6000 for the loan from her friend. She said she would be liable for 1/2 of the 14000 I put in and I would be liable for 1/2 the $6000 her friend put in. I never agreed to anything in writing. My partner filed for banruptcy in 2005 and has several judgements against her. I know she will never be liable for any of the debt and will leave me "holding the bag". What recourse do I have?


Asked on 8/15/09, 7:26 pm

1 Answer from Attorneys
Donald W. Hudspeth The Law Offices of Donald W. Hudspeth, P.C.

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This looks like a standard business divorce situation, a specialty area of this firm. Our minimum retainer is $500.00 and our principal attorney bills at the rate of $325.00 per hour to review documents and answer business and legal questions relating to this situation.

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Answered on 8/21/09, 6:27 pm


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