Legal Question in Business Law in Massachusetts
I am currently working at a bar that I invested money in. I gave the owner money but he never put me on the lease, liquor license, or any note we have at the bar. We are open for business but have not made any profit in the last two years. I was 25 at the time and naive and he gave me a written receipt that I paid him 75k. I took one pay check from the bar the first week we opened for $500 and never received another pay check. All I have is a receipt with his signature saying I paid 75k. What should I do. I technically own nothing on paper at that bar.
1 Answer from Attorneys
Go see an attorney immediately. If you are partner you should be getting a K-1 from the business and be allowed to see the books.. If it is a loan then it should be properly documented.
You need to decide what you want and need to tell the attorney what you were promised for the $75K. Were you to be 50/50 partners or something else.
The attorney will need to know who owns the bar presently-- name of person and corporation/LLC.
How do you know it is not making any money and why isn't it making any money. A bar that does not make money after two years has a serious problem.
Please feel free to contact me next week if you want.
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