If my business partner took all ofour equipment/money and disappeared without warning, what do I do?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my business partner took all ofour equipment/money and disappeared without warning, what do I do?

I opened a landscape company with good friend of mine and we were in business for a little over 2years when out of nowhere I came home to an empty garage. He took all of the equipment and even closed the business bank account and took all of the money. We don’t have any written or verbal agreements on what we would do if we decided to call off the partnership because we never figured he would just take everything and disappear. What do I do? Shouldn’t he of given me the option to buy him out? What about all of the clients we lost because he took all of the equipment?

Asked on June 29, 2011 under Business Law, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Okay well you just learned a very big lesson about partnership agreements and having them in writing.  But that will not help you at this point so let's move on.  Although you do not have an agreement s to dissolution of the partnership, you do have a verbal agreement as to the partnership itself and running the business and the equipment.  Although you did not say in whose name the equipment is at this point or who paid for it (in name only) or if it is owned outright, he can not do what he did.  So you will need to sue him as soon as you can and ask for a return of the equipment so that the business can continue.  You are also going to ask that he be enjoined from contacting any clients of the business to do the work in his own name.  Get legal help here.  Good luck


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption