Legal Question in Business Law in New York

i started a business with an (now old) friend. only worked 5 weeks with him. all money we collected was put into his personal account untill our business account was opened. our lawyer was working on the business agreement and our LLC at the time he and i split. so we had nothing on paper between us, just a verbal. i do have receipt for half of the LLC and other paperwork linking me to the business, and paperwork i think the IRS would like to see showing the monies we earned. and a typed statement from him saying all monies were being deposited in his account till the biz account was opened. i see he still is running the business, and has hired some people so must be doing well. do i have any claim at this?

Asked on 5/22/18, 3:13 pm

3 Answers from Attorneys

Richard Bryan Richard Bryan Attorney PC

Claim at what? I don't understand what you are asking.

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Answered on 5/22/18, 4:19 pm
Frank Natoli Natoli-Legal, LLC

It is not clear what you are alleging. Are you saying that at the time you split you would have money coming back that was in your capital account?

If yes, then sure that might be a claim. If it is not more than $5000, then you might just file a claim in small claims court.

But before you take any action on your own, I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section):

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DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

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Answered on 5/23/18, 8:36 am
Roman Fichman Esq. Law Practice of Roman Fichman Esq.

The short answer is that YES you may be still be a member of the LLC and therefore still own a portion of the business! The circumstances, filings, company documents and any communications you may have had with your friend would need to be reviewed to figure out what could be your claims and how to proceed forward. This cannot be done through the lawguru website and needs to be done directly by retaining a business attorney.

Contact me directly. Looking forward.

Roman R. Fichman, Esq. │ @TheLegalist

email: Info (@) TheLegalists (dot) com

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Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. No intention exists to create an attorney-client relationship or any other special relationship or privilege through this post. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.

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Answered on 5/23/18, 10:51 am

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