Legal Question in Business Law in Texas

Disapointed

I started a construction business with a partner. Neither one of us had excellent credit, but my partner said he could get our funding using his wife's name because she had better credit so it was put in her name as sole owner LLC. my partner had no construction experiance nor did his wife, when we applied for bonding, I was listed as vice president and 50% owner of the company and all my credentials were used to obtain the bonding and I am listed as Vice President in our Bid Dccuments. In the begining I told my partner that we needed to keep all our records on Quick Books and make it avaiable to both of us, now it's 2 years later, she refuses to show me the records, when I ask her about profit sharing she tells me we are making money but we are spending too much and that is why we don't have any money. I notice that her personal life has much care free spending. My question is: do I have any rights to a claim or should I just take my losses and walk away. and if I walk away the company will fall, will I be liable for the pending contracts.


Asked on 8/13/07, 10:18 am

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: Disapointed

You need to ask for an accounting in a letter certified return receipt requested. Sounds like you might have to sue somebody on the partnership agreement, and breach of fiduciary duty. Good Luck.

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Answered on 8/13/07, 11:09 am


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