Legal Question in Business Law in Oklahoma

Partnership

I was in a partnership for three months. We verbally agreed that I would get $300 a month for my family Insurance, just until our business got up and going and then I would be entitled to more. We had a joint checking business account together. I took out the $300 dollars and suddenly she didnt want to be partners anymore. I didnt do anything illegal, but now she says she is going to press charges. Can she take me to court over the $300, since I didnt have the agreement in writing?


Asked on 10/14/07, 4:37 pm

1 Answer from Attorneys
Marsha Dixon

Re: Partnership

The first mistake was not creating and filing a partnership agreement. It is required and necessary between partners to avoid this type of situation. If you can have a joint account, she would have a difficult time proving that you were wrong, however, you must have a justification for using business funds for personal use and this must be documented to justify the withdrawal, particularly because this partnership was not legally binding.

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Answered on 10/17/07, 1:22 pm


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