Legal Question in Business Law in Wisconsin

A Bad Partner is Bad N ews

In many states -- dunno about yours -- an oral partnership, i.e. one in which there is no written agreement, IS enforceable. You may very well have to sue your partner to force what is sometomes called an EQUITABLE ACCOUNTING, an action in which the affairs of the partnership are audited under court order to determine the rights and liabilities of the parties. You may also be able to sue for damages on a breach of FIDUCIARY DUTY theory. In many states, the sort of conduct you describe can support a PUNITIVE DAMAGE award, in addition to actual damages.

I've handled a number of these type of cases, and find them fairly expensive to prosecute. Try and find a lawyer that has experience in these matters and get him to take your case on a contingent fee basis (you may have to fund expenses and court costs). You may not be able to interest anyone who is very good unless the potential damages -- i.e. your rightful share of the business and or the money stolen -- is into six figures.

Bad Partner - Getting Out

I agree with the earlier lawyer's comment that "a bad partner is bad news". It's too late now, but you should have sought legal advice BEFORE you got out of the partnership. In fact, even worse, depending upon your state's law, you may actually still be a partner, even though you thought you "got out". As for whether you will ever recover financially from this situation, it's difficult to say, but I don't feel very good about your prospects. As to the emotional part of it, you are unlikely to recover until you can truly "forgive and forget". I doubt that any court will award you enough damages to make you feel much better. If you don't already have good legal counsel, you'd better get it in a hurry, because you may in fact owe money to creditors that you have never heard of. You are in on of the most difficult situations (financially) known to man, I'm afraid, and prompt action by legal counsel is required. I feel for you.