Legal Question in Business Law in Texas
I am having problems with my 50% partner in a LLC partnership. We only owe about $4,000, to mastercard, otherwise debt free. The company owes me $30,000 I loaned it (not an investment). Is there any way I can recover any of that. We have basically $0 in cash and the company assets are only worth about $15,000. Can I sell the assets and keep the cash for part of the $30k loan owed to me? The other partner also owes the business $7,000 he was advanced. We are not making a profit. I need to know the best way to end the business to my benefit.
Asked on 12/12/12, 2:58 pm
1 Answer from Attorneys
Fini Thomas
FT LAW FIRM (www.ftfirm.com)
Sorry to hear about the business loss. The answer depends on a number of factors such as the content of the partnership agreement. I recommend contacting an attorney to discuss in detail.
Answered on 12/17/12, 2:23 pm
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