Legal Question in Business Law in Illinois

Partner is attempting to remove me from my company, and seize all my assets

I started a business with a friend during high school. Now in college, we live and operate out of an apartment. He is now telling people that I don't put effort into the company and he wants to remove me from the picture, also taking everything I have put in/purchased for office work.

In reality, I have been working and creating all the invoices, following up on clients, etc for the past three months. He has been taking money out for personal purchases and/or buying business related material to give to friends/family, with no desire to pay back.

We have no partnership agreement, but my name is on the majority of the paper work. He does have access to all my credit card information for the business.

He has already made attempts to get as much as he can from the company, but then drops the claims. (I don't know what hes up to) We both have the same amount of office equipment and so forth. Is there a way that I can keep all those assets and money in the bank account (most of which is what I made)? I have no signed documents explaining what happens if a member was to split. I rather keep all the assets that belong to the company to give to another partner.

Sorry its kind of long.


Asked on 8/15/08, 3:11 am

1 Answer from Attorneys
Adam Lasker Lavelle Law Group LLC

Re: Partner is attempting to remove me from my company, and seize all my assets

With no operating agreement in place, your business is subject to the statutory business laws of your state. To answer your questions, you will probably need to have a detailed conversation with an attorney familiar with your state's laws governing partnerships, corporations, or whatever other business form in which your company was created.

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Answered on 8/19/08, 1:59 pm


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