Legal Question in Business Law in Georgia
An individual and I wanted to start a business together and now we are no longer friends. I still want to start the business. If the plans included me fronting the capital to start the company and being paid back before we started splitting the profits am I legally obliged to include him in the profits and can he come after me for any even though he has chosen not to be apart anymore?
2 Answers from Attorneys
If you planned to start a business and put up money, you hopefully did not do so without the completely necessary step of retaining a lawyer who drafted a proper partnership agreement including language of how to dissolve the partnership. The cost of that was very small, and it will serve you well now as your answer is there. Since we have not read that document, we can't tell you what it says, and if you are unsure of how to interpret its terms, call the lawyer who represented you to write it.
(If you did something totally wrong and did things orally and with a handshake and no lawyer, plan to spend a great deal more on a lawyer to advise you at this point and defend you in some likely very expensive litigation).
That depends on whether there was some form of agreement, if you took steps to begin the formation of the company with your partner, whether your partner agreed to not be a part of the company, and other facts not presented. Cases like this are very fact-sensitive, so you should speak with a local business attorney to be sure.
If you would like to discuss any issues further, please feel free to contact my office. The link to my contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Related Questions & Answers
-
Is it legal for a bartender in georgia to drink while working Asked 12/22/11, 8:31 am in United States Georgia Business Law
-
Is is legal for an employer to pay me a base salary of $6.50/hr, just because they... Asked 12/14/11, 9:12 am in United States Georgia Business Law
-
Can someone be found guilty of a crime that has been abolished prior to court date?... Asked 12/13/11, 1:28 pm in United States Georgia Business Law
-
Can I advocate my spouses business to my employers competitors? My wife does... Asked 12/11/11, 8:12 am in United States Georgia Business Law
-
I am looking to start a business where I print peoples Facebook walls with all the... Asked 11/19/11, 11:38 pm in United States Georgia Business Law