Wisconsin | Business Law
Legal Question
Breach of Contract - Investment Repayment
Invested $40,000 in a business I co-owned in Wisconsin in June 2001. I moved from South Carolina to Wisconsin to operate the business from August 2001 to December 2001. Business Plan outlined a $2,000 per month salary which was not paid to me and the reason I chose to leave the business operations to another partner (mutually agreed). Two other partners enlisted the aid of an attorney they paid for (I did not have the means) who drew up a contract outlining repayment of my investment that indicated $2,500.00 would be paid to me on February 8, 2002, (which I received) and the balance of $37,500.00 be paid to me on or before December 31, 2004. I have not received a dime of the $37,500.
I have called one of the partners repeatedly over the last three years and he keeps promising to pay but hasn't. Due to these conversations and the hope that he would commit to paying me, I have not yet sent any correspondence by mail (certified letter) requesting they make payment to me pursuant to the contract.
The accountant for the business is the daughter of one of the partners and became a partner when I left. Each of the partners owns their own businesses separate from the one I owned and invested with them. What are my options?
Share This On:
Legal Answer
|
Read More Answered By: Paul Piaskoski |
|
|
