QUESTION
Had a business with a partner. things took a turn for the worse and now im not sure what is going on.
Asked on Oct 25th, 2011 on Business Law - Virginia
More details to this question:
He wanted out of the business.. but he''s saying he called up the irs and had my name removed he is now saying i owe him $1,500.00 to get the business back. What can i do? Should i just let him have it? Can he take me to court?
I don''t even think it was fully registered. The business name doesn''t show up on any searches.
1 ANSWER
It is difficult to answer this question without more details. The answer really depends on what type of entity you had. For example, a partnership is treated very differently from an LLC. The IRS has nothing to do with whether or not your business is recognized in Virginia. The Virginia State Corporation Commission is the regulating entity.
I would suggest that you consult counsel, since these matters can get pretty tricky.
Answered on Oct 31st, 2011 at 12:54 PM