New Jersey | Business Law
Legal Question
Money invested in an LLC
I was part owner(25%)and manager of a deli for two years. My partner constantly undermined my authority with the other help so I quit. I invested $10,000 over the two years which was suppose to go towards the purchase price of $25,000. I had 5 years to pay. We had a contract drawn up but I never signed it because of some things I didn't agree with. The deli is still in operation though not making much money. My partner has plans to change it into a restaurant or bed and breakfast. She tells me my share is worth nothing because the deli is losing money. As long as the business is IN business....she has the opportunity to make her money back. (she invested about $50,000 on top of the purchase price) I would like to know if I am entitled to any of the money I put in, back. Also during the last year I was not able to collect a pay check for about 6 weeks. The unsigned contract states that that is to be paid the following year. But since I quit is there a reasonable amount of time I should expect to be paid? She is also holding a weeks vacation pay because she says she doesn't have the money. What recourse do I have? Thank you in advance for any help you can give. me
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Read More Answered By: Robert Gleaner |
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