Legal Question in Business Law in South Carolina

Partnership Interest

I suggest you get an attorney fast. You are headed for a law suit. I believe that you might have a partnership interest. The written letter has to reviewed as well as the advertising. Without such a review it would be difficult to fully evaluate your matter.

Parnership Interest liquidation

You question is difficult to answer because there are so many possibilities. It may even take a court decision to determine the answer(s). It all depends upon state law and upon the agreement itself. If you had no written partnership agreement, I'm afraid that in my state (NC) you might be entirely out of luck, because a liquidated partnership does not necessarily have any value; sometimes debts are greater than assets, which would leave ALL partners out in the cold, not just you. Sorry; it appears that your biggest mistake may have been not to consult an attorney or other advisor BEFORE you entered into this partnership. I have seen a lot of partnerships that were set up essentially to rip off partners such as yourself. I'm sorry that it may have happened to you like it has happened to others. But, consult an attorney in your state to see if there is any hope.