Legal Question in Business Law in Ohio

Partnership Agreement and Compensation Rights

About a year ago I entered into an informal partership agreement to buy into 3 small tech companies. We agreed that I would forgo compansation for 6 months and a $10K signing bonus as my ''buy-in'' to the company. I was to own 10% of all 3 companies after 6 months for a total investment of $40k. I have filled many voids within all 3 companies. I have also lent approximately $14k to my partner. My partner paid himself approximatley $80k in 2005 as well as our 3 employees payroll. I, on the other hand, I received less than $6K for the year and have been repaid nothing on the loan. My last paycheck of 2005 bounced. My partner has not allowed me to review the financial situation of 2 of the 3 companies. How do I begin to take legal action to get my $ back?


Asked on 1/11/06, 9:56 am

1 Answer from Attorneys
Joseph Jacobs Jacobs & Lowder

Re: Partnership Agreement and Compensation Rights

I will need to see the partnership agreement, and with it, I would send a letter requesting a statement from them as to the state of affairs. You need to get their response in writing. If that doesn't satisfy your concerns, you can sue for relief if the other partners have done something fraudulent. Call me directly if you like: 216.952.1990.

Joe Jacobs

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Answered on 1/11/06, 10:21 am


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