Legal Question in Business Law in Arizona

I need some help. I just recently took my savings as well as a loan from my father to go into a partnership with my cousin and a friend. My cousin owned the business for three years and wasn't successful so she moved locations and started over adding my friend and I as partners. We put every last dime into the business and three weeks later my cousin wanted the business back with no partners. She began taking money from banks accounts and it got so bad she asked us to take all the stuff we paid for and leave. We decided that it was probably the best thing to do so we took ourselves off as members through the commissioners office and all bank accounts. We have receipts for everything we took. We have no money left and she filed a fraudulent claim with the insurance company over all the stuff we purchased. Are we going to be responsible for any wrong doing she is committing and the lease that neither myself or my friend signed? I am feeling really intimidated and cheated at this point. Thank you.


Asked on 8/05/10, 1:35 pm

2 Answers from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

In deed, nobody can take advantage of you, like a relative can, because you trust them and don't get everything in writing. From the facts that you have given, I do not know what kind of legal entity that was formed or what your agreement was or any of the other facts that need to be ascertained in order to describe to you what your rights, duties and obligations might be.

I strongly suggest that you retain legal counsel at once, and find out what your claims against your cousin might be, and if there is any chance that you will get your money back.

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Answered on 8/10/10, 2:31 pm
Debra Palomino PALOMINO LAW FIRM, P.C.

I agree with counsel that you need, at a minimum, to consult with an attorney. It's difficult and not advisable to give you an opinion regarding your legal rights and/or defenses without reviewing your case.

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Answered on 8/11/10, 10:21 am


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