QUESTION
how legal are verble agreements in the formation of a non s type corperation?
Asked on Feb 01st, 2013 on Business Law - Texas
More details to this question:
15 years ago I started a automotive shop with a partner that provided the original funding, and I supplied the brains. The agreement was when he was repaid the original funding, our partnership is 50/50. I control all the money and we have always split all profits 50/50. We own our property and building out right. The problem is, he will not legally put mt name as 50% owner of the corperation, when he originally agreeded to.
1 ANSWER
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Bruce - the oral agreement is likely unenforceable. But all is not lost, I would need to see the documents to see if there is a way to work things out. You however have the working knowledge and that is a large card you are controlling. The matter should be mediated to a resolution. This partner is someone you have had a 15 year relationship with and if he won't do the right thing now is the time to split the sheets. Roger Yale
Answered on Feb 02nd, 2013 at 4:32 PM