Legal Question in Business Law in Massachusetts
small business
My partner and I sold a restaurant and both our names are on the bank account and he moved the money out without me knowing what are my rights?
what can I do about it?
3 Answers from Attorneys
Re: small business
How was the restaurant held (I.e. partnership, corporation, LLC)?
If the business was equally owned, you are probably entitled to your share of the proceeds (depending on your previous ownership agreements for the allocation of profits and losses).
You really need to speak with an attorney asap. Their exists mechanisms in law to "trace" the money and fruits of the money from this sale. Theories including "constuction trusts", fiduciary liability, and many more might be available to your to obtain your share of the net proceeds.
Re: small business
Assuming he took the money for himself and did not pay debts of the partnership, you have a claim against him for 50% of the money. You have to sue him for breach of fiduciary duty and fraud.
Re: small business
Is this business in Mass or Florida?
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