Legal Question in Business Law in Texas
Hand shake partnership
Is a hand shake deal binding?
I committed over ten years ago to a hand shake partnership, no agreement was ever signed. The company did not incorporate for about 3 years.
My ''partner'' installed himself and his wife (whom had nothing to do with the deal or involvment with the company) as the only officers and stock holders.
2 Answers from Attorneys
Re: Hand shake partnership
It may be if you have both acted on the agreement and incurred costs or risks because of your reliance on the agreement. You should consult with an attorney to go over the facts. Feel free to contact me on this.
Re: Hand shake partnership
What you're saying is that 10 years ago you had a handshake partnership deal. Then about 7 years ago your 'partner' incorporated the business and made himself and his wife the only owners.
What have you been doing for the past 7 years? And hope to get a 10-year old handshake enforced?
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