Legal Question in Business Law in Illinois

verbal agreement

I have been working for this Guy for over 2 yrs. now, and we have been trying to keep his company afloat. He has stated the last few months since he has been in trouble with IRS and with plenty of lawsuits that he has nothing to do with the business and asked me to state the business is closed. Which I did, which included letting IRS know he has closed his company. Now, at the same time he has said this is Her's and I have nothing to do with it. So, instead of closing the business I opened up under my own name & ID numbers I have also paid for anything I have needed. Now he is trying to tell me that everything is his?? and I don't have anything. I have worked hard and put my own money into this company and my own... If it's his then the IRS will take it....... the only reason they didn't is because we both thought it was mine. I have a hard time lying and he wants the bank to think he didn't know what was going on... so when I told the truth he says i have nothing and everything is his... help.. worked very hard to keep my dream alive and people working....


Asked on 11/25/08, 5:27 pm

1 Answer from Attorneys
Motty Stone Law Offices of Motty Stone

Re: verbal agreement

You need to talk to an attorney. If you were lying to the IRS then you could face serious penalties and possibly criminal charges. Likewise you need to protect yourself from any lawsuits by your business associate. There is a good chance you can keep your business, but you need to start sorting things out sooner rather than later.

Please feel free to give us a call if you want to talk.

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Answered on 11/25/08, 7:19 pm


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