Texas | Business Law
6/06/09, 11:59 am
Legal Question
Fight it, of pay up??
A sole proprietorship owner receives funds from an individual in the amount of 20K for 10% ownership in her business, no written contract just a check with a note at the bottom stating the 10% purchase. 90% owner sells company for 75k and offers $7500 back to the investor as payment for his 10%. Investor (by way of a lawyer) asks for an additional 5K and threatens to sue the newly formed LLC version of the original company and the company that purchased the sole proprietorship for up to 30K+ if the $12500 isn’t paid within 120 days. Get a lawyer and fight it? Or just pay the $12500????
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