QUESTION
lent money to someone to start a small business
Asked on Mar 16th, 2014 on Business Law - Texas
More details to this question:
I allowed my son to use my credit cards to purchase items for this business venture, he was suppose have 45% interest in the company. Now the other partner is refusing to pay him or me. I have all the receipts in the amount of at east $18,000. What can I do to recover my investment?
1 ANSWER
Wills and Estate Planning Attorney serving Sugar Land, TX
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Law Offices of Kimberly D. Moss, PLLC
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I have some questions here. Did your son and his partner have a written agreement? Also, did your son or the other partner promise to repay you within a certain time frame? If the answer to either of those questions is yes, you may have a breach of contract claim against the partner and/or your son. Also, how long ago did this happen? More detail would be helpful in determining what your rights are in this case, but it sounds like your son was the surety (or guarantor) on the loan. I just need to make certain what you allowed him to use on your cards was a loan (not a gift) and that your son and/or the partner promised you would be repaid.
Answered on Mar 17th, 2014 at 11:56 AM