Texas  |  Business Law

Legal Question

Asked on: 12/12/12, 2:58 pm

I am having problems with my 50% partner in a LLC partnership. We only owe about $4,000, to mastercard, otherwise debt free. The company owes me $30,000 I loaned it (not an investment). Is there any way I can recover any of that. We have basically $0 in cash and the company assets are only worth about $15,000. Can I sell the assets and keep the cash for part of the $30k loan owed to me? The other partner also owes the business $7,000 he was advanced. We are not making a profit. I need to know the best way to end the business to my benefit.

1 Answer


Answered on: 12/17/12, 2:23 pm by Fini Thomas

Sorry to hear about the business loss. The answer depends on a number of factors such as the content of the partnership agreement. I recommend contacting an attorney to discuss in detail.


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


FT LAW FIRM (www.ftfirm.com) 5057 Keller Springs Rd #300 Addison, TX 75001

Other answers from this attorney

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

70 Answers given in the last few hours.

86611 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search