QUESTION

Owner partnership issues

Asked on Mar 10th, 2016 on Business Law - California
More details to this question:
I started a business in octuber 2015 with 3 other partners. I am the investor, they had the idea. We got the license on january. there were a lot of expenses before we got that license. as a way to be able to control the expenses, I open an account and give a card to the partners with a daily limit of $400 dollars. I take care of the bigger expenses. I reached the maximun amount we agreed i was going to invest but they are broke and they keep asking for money and they want to be in the payroll. I offered to buy a percentage of their shares that way they will have some money for their personal expenses and now they are upset saying that I want to steal their business. This business has a lot of liability and I am taking all the risk as the only investor so i believe its fair for me to own more that 50%. They work at the site and I don't. Now they are refusing to give any information to me and they are controlling the money that is pay direct to them. What can i do to solve this issue?
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1 ANSWER

Probate Litigation Attorney serving Anaheim, CA
2 Awards
Hi Janeth, I would need additional details to be able to map out an exact strategy, but there are several things that you can do, including filing a lawsuit and seeking a court order compelling them to share the info and money with you. Did you set up a corporate entity for the business (Corporation or LLC)? Thanks,Jon
Answered on Mar 11th, 2016 at 11:10 AM

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