Legal Question in Business Law in Florida
I had my own company for 7 years until i made a bad choice somebody i knew very well and had all my trust asked me to be my partner at the beginning we operated with 2 companies and then we decided to merge my company into his so one FL s corporation. The truck that I had before the partnership which was paid for breaks down while a was away abroad for 1 month he goes and buys another truck under the company name signing the finanacial papers but things are not going good he asked me if i wanted him to step out i said yes so the verbal agreement is for him to stay until Dec 31 2009 at 25% instead of the 50% and when i tell him i was going to reinstate my old corp he says not need he'll remove his name from the corp so when i do the amendment to remove his name i called him to let him know he's fine with it, 2 weeks later i go look at the corp online and I see that my name is removed his name is back in and the address is changed without my knowledge i confront him about and he text nessage me that I don't deserve to have it all. so i got kicked out my own company and he is going to keep the truck....but we got into an agreement he is going to let me have the truck but my question is do I have to refinance it again? We put a big down payment cannot put anymore money in it.....do i have to pay sell taxes? Oh by the way his excuse for removing my name behind my back was that he would told me in a couple of weeks so he was giving me a chance to work on my own and make some money before he would come and get the truck....because i was in the corporation when we bought the truck and the payments came from a joint business account don't i own half of the truck? So if i have to refinance the remaining balance or pay sale taxes on wouldn't only be on his half? I don't want to go to court during the past year with him I lost so much money i cannot afford an attorney and so on....i got to solve the truck issue asap without paying any more money if possible so i can go back to work. Thanks, Romina
1 Answer from Attorneys
It may be a lot simpler to just start your own company and leave the truck where it is -- loan and all -- with him. If the company isn't worth anything, then leave it. If it is worth something, then divide the assets differently so that you leave the truck and the bank out of it. The truck can't be sold without paying off the loan. On the other hand, he can't just unilaterally kick you out. Find different, unencumbered assets to take nstead of the truck and agree to divide things that way. It will be a lot simpler.
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