QUESTION
my business partner won't return my investment or property
Asked on Aug 31st, 2013 on Business Litigation - Texas
More details to this question:
We had a joint business account which he used for personnal expenses I did not receive my share of profits We had joint business cards and accounts but no written contract we restore/embellish old furniture and he won't give me the furniture I personally bought back to me, nor will he give me my intital 10,000,00 investment. We started this venture June, 2013 and he kicked me out (for contacting the bank and discovering he was using the joint account for personal expenses in August)
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 am assuming you two were 50-50 partners in your venture. In which case, both of you are responsible for the profits and losses. You could sue your former business partner for the share of profits owed to you as well as for the money he used for his personal expenses under the theory of breach of contract (although there's no written contract, you two agreed to go into business together) and unjust enrichment because business funds were used for his personal expenses.
Answered on Sep 02nd, 2013 at 2:13 PM