Legal Question in Business Law in California

I developed a website and got two partners to invest in my online venture. The deal was that I will get paid $10,000 within 30 days, and they will invest $8,000 per month into the business, for that investment we sign to be equal partners. It has been 3 months since we established the business, they came up with $7,300 to me and $1,000 per month for the business and they still insist to be an equal partners.

What are my best options?


Asked on 11/21/11, 3:58 pm

1 Answer from Attorneys
Jim Betinol Withrow and Betinol Law

Your situation is complicated and it will be difficult to answer your question within this forum. You will need to have an attorney review your agreements, including any relevant business operating agreements.

An evaluation would also need to be made on why and how is it that you continued to conduct business for 60-days beyond the 30-days as agreed, without them meeting their obligations. The answer to this question could determine whether or not you are functioning as a partnership right now.

My advice is to contact a business attorney to review the documents and the situation. Also, if you don't already have it, have an attorney draft a partnership agreement.

Jim Betinol

Partner

Withrow and Betinol Law

Business Law: Intellectual Property: Estate Planning

www.wibelaw.com

E: [email protected]

P: 424.229.2560

F: 424.258.7001

Disclaimer: This communication does not create an attorney-client relationship and such a relationship can only be formed through a signed written agreement. This communication is not legal advice and should not be solely relied upon in making your legal decisions. Any situation depends on many different facts and specific laws that require an in-depth legal consultation to evaluate the best solution for your needs.

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Answered on 11/21/11, 5:30 pm


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