I have S-corporation and I invested in a DBA project website 25K and my two friends agreed to invest 33K each with 9K additional from my side to make 100K value. But friends deposited $12K check in one of DBA's new account (opened with friends name too) and we made some purchase mutually from DBA side. Then we registered an LLC by having 34% (my s-Cop) and 33% each of my friends, and conflict came, and now partnership is on end, and material we bought is still with my friends. They r threatening me for legal sue and demanding money back while material we baught is still in stock with them. I need a legal advice for:
1. Am I responsible for money they deposited (as there is not written agreement)?
2. What can be the right way to resolve this?
3. If legal process starts can I claim 25K?
1 Answer from Attorneys
The specific questions cannot be adequately answered without an attorney sitting down and reviewing the facts of the situation. Certain legal theories will allow people to recover funds advanced and under Maryland law, LLCs have certain default provisions in the absence of a written operating agreement.
You are encouraged to promptly seek legal advice.
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