Legal Question in Business Law in New York

Assumed Partnership Agreement

Over the past 3 years my partner and I have run a ''net'' mortgage branch under a license held by a third party whom we pay. We have an S Corp for accounting purposes. All revenues (@400K) are put into our business account in which we pay ourselves a dividend advance. Recently I have had issues with the license holder which forced me to resign, under the knowledge my partner and I would pursue our own and use a license from someone else in the interim. The current real estate market has slowed and we have struggled of late. My partner informed me he was staying with the license holder and had to dissolve our corp. as per a contract he signed with the license holder. Now he takes with him the means to not skip a beat and the potential revenue we have been generating for the last three years. We did not have a written partnership agreement and now my finances are potentially in ruins. Do I have any recourse?


Asked on 2/27/07, 11:35 am

1 Answer from Attorneys
Johm Smith tom's

Re: Assumed Partnership Agreement

Not having a written partnership agreement is a big problem; with that kind of money involved you should have involved an attorney earlier. You should consult a local attorney because you may need to seek a court order.

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Answered on 2/27/07, 11:56 am


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