Legal Question in Business Law in Illinois

Re: Partner did not receive payment

I would need to review the relevant documents in order to determine whether you were entitled to payment, regardless of a lawsuit. If you terminated your interest of a partner, and converted to the status as a creditor, then you would not share in further losses from a subsequent lawsuit or any other business expenses, for that matter. The partnership agreement should control, and in the absence of a written agreement, the facts surrounding your departure would affect the issue. You need to consult with a lawyer, and have him review the documents. P.S. It is not unusual in my experience for a small business to wrongfully refuse to pay a departing owner, in most cases in a misguided attempt to conserve cash flow. You will not know whether this is the case unless you consult with counsel.

Re: Partner did not receive payment

We are in receipt of your e-mail of 08/20/03. Unfortunately, our caseload at this time is such that we would be unable to devote the attention to your matter that it deserves. We do, however, appreciate your interest in our firm.