Can I take legal action against partners that have not paid back money that was due 2 years ago?

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Can I take legal action against partners that have not paid back money that was due 2 years ago?

I made an investment for a bar. I then decided to pull my money out and end the partnership. I have a signed document from all partners stating that I am ending partnership and I will receive my full $20,000 back over 24 months ago. I am having a hard time getting my $10,000 remainder back. This document is not notarized. Is this something I can pursue with legal action?

Asked on January 16, 2012 under Business Law, Texas

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The fact of a writing combined with half the payment should be sufficient to show there was a loan or expectation of repayment and not an investment where loss is contemplated or a gift to the bar owners. You need to make one last effort at writing to them to ask for the remainder owed to you but use all that you have (including proofs of payment) to file. Once you get your judgment, you can garnish, attach liens and seek other forms of payment.


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