I am having problems with my 50% partner in a LLC partnership. We only owe about $4,000, to mastercard, otherwise debt free. The company owes me $30,000 I loaned it (not an investment). Is there any way I can recover any of that. We have basically $0 in cash and the company assets are only worth about $15,000. Can I sell the assets and keep the cash for part of the $30k loan owed to me? The other partner also owes the business $7,000 he was advanced. We are not making a profit. I need to know the best way to end the business to my benefit.
Asked on 12/12/12, 2:58 pm
1 Answer from Attorneys
Fini Thomas
FT LAW FIRM (www.ftfirm.com)
Sorry to hear about the business loss. The answer depends on a number of factors such as the content of the partnership agreement. I recommend contacting an attorney to discuss in detail.
Answered on 12/17/12, 2:23 pm
Related Questions & Answers
-
How can I dissolve a non-profit company if the only director is no where to be... Asked 11/30/12, 7:37 am in United States Texas Business Law
-
I am starting a t-shirt boutique and would like to use a particular image that I saw... Asked 11/28/12, 10:36 am in United States Texas Business Law
-
We recently stayed at a hotel and 2 days after we had checked out we noticed our... Asked 11/25/12, 5:16 pm in United States Texas Business Law
-
If a company calls my company and falsely accuse me of doing something. Which makes... Asked 11/19/12, 3:24 pm in United States Texas Business Law
-
There are actually two questions if I may. The first being can my manager make me... Asked 11/18/12, 3:19 pm in United States Texas Business Law
