Legal Question in Business Law in New Jersey
A business contract gone bad, very bad
I would like to know what I can do about a business contract that has gone very bad. I bought shares of a business that I worked at, and my business partner broke the contract, and basically fired me. It has been 2 years, and my ex-partner will not give me back my money. She refuses to pay me anything, not the money I invested, or any profit from the business. The lawyer I had dealing with this just dropped me as a client, stating that he does not have the time to pursue this case any further. I have a bill with him that I can NOT afford, I can NOT afford another lawyer, and I am paying a loan for the money I invested into this business, that I can NOT afford. The amount of money is too high for small claims court, and I don't know what to do. Please tell me what I can do to get my money back from this business deal that went bad, very bad. Thank you!
2 Answers from Attorneys
Re: A business contract gone bad, very bad
Aside from litigating the matter without a lawyer, my recommendation would be to do what you can on your own to negotiate a settlement with your ex-business partner. If you are unable or unwilling to do either of these, it sounds like you'll need to cut your losses and move on.
Re: A business contract gone bad, very bad
I agree with Dan. As a minority shareholder you have limited rights, but do have a right to an annual accounting and, possibly, if you can show that some contract breach or fraud was involved, you can get the Court to appraise your shares and, possibly, order a buy out. You may have to do this on your own, since you cannot afford an attorney, but it will be difficult. It appears your partner is aware of your financial limitations and is taking advantage of that in refusing to negotiate any sedttlement. Litigation seems the only course.
Related Questions & Answers
-
Being excluded from product launch is that legal Im sure everyone knows about the... Asked 11/14/06, 9:32 am in United States New Jersey Business Law
-
Invoice my Responsibility? My boss received an invoice from an advertising... Asked 11/10/06, 2:24 pm in United States New Jersey Business Law
-
''cease and desist'' - can I use it in this case? I'm a registered trademark holder... Asked 11/10/06, 11:20 am in United States New Jersey Business Law
-
Recourse for filing a false business amendment A business was incorporated with a... Asked 11/03/06, 3:37 pm in United States New Jersey Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
