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Help me out if you can
Additional Details
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Additional Details
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deanobeano | I have been in a business partnership for the last 12 months , my business partner has taken over the business |
i am worried that he wont fulfill orders for customers , will i be liable for those orders and what steps do i need to take to ensure i will not be implicated in any business transactions that may go wrong ? i know for a fact one company is issueing a county court order already . |
 |
 
Confuzzled
|
you are both solely liable for any dealings whether they are good or bad and any debts will be in both your names. Get yourself involved more and make sure your 'partner' knows you are not going to stand for any more bad business practices. If they want out tell them to sell you the half of the business or pull their socks up and lift their game!!! |
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lynda k
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depends on what sort of contract you entered in to with your partner best consult with citizens advise or a good Solicitor and as soon as possible |
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Fonz
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Call an attorney right now. You can't imagine the trouble he can get you into. I hope you haven't signed any notes with him.. Good luck and remember call the lawyer now!!!! |
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shamieya
 |
Do you mean your partner took over and its now a sole prop or that you became a limited partnership? If you are a general partnership, you should be liable. |
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luz2loz
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As business partners you both have a legal responsibility if you are a partnership or a limited company, unless you have dissolved the partnership.
If you feel your partner is not running the business correctly then you need to step in and talk to him about how you are both going to resolve the issues together. Perhaps he is under pressure running the business alone.
Ignorance is not an excuse, as a partner you have a legal obligation to make sure you know all the ins and outs of the business including cashflow, payments etc and you are implicated whether you are there or not.
Why aren't you working in the business? |
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Elizabeth M
 |
Depending on what type of LLC or S corp you got into the risks can vary. A partnership however does not protect you from any of his wrong-doing. You may want to sell you part of the business even at a loss to avoid future litigation. Make sure the attorney files the changes with the state to fully exonerate you from any legal actions in the future. Whatever has happened up to now though is still on your shoulders equally as his.
You can also try to take controll of the company if hes is dealing in a manner that is hurting the ability for the company to be profitable or ethical. Look into your company charter to see what steps can be taken to either take back control, or get out.
Good luck.
I had to buy out my partners just to get them out of the way. |
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madgooner
 |
You need to ensure he is not trading as your 'partnership' since you would be liable for the debts (jointly and severally), be VERY careful..MAke sure your clients know he is now trading as Sole trader. |
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Myles
|
Whatever profit sharing ratio your partnership is based upon - you will also share the same ratio of losses / damages.
He does it or YOU - the impact will be similar to the ratio
Wash your Hands...
Consult a lawyer.... |
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rdfew
 |
you should have called your lawyer like yesterday yes you are liable . |
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Barbarian
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You need to check you agreement on dissolving the partnership, Also any guarentee you have signed. |
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