legalAdvice needed!
In 2011 I purchased 10% of a new bar/restaurant from a friends friend - there is also a silent 25% partner and the big guy with 65%.
Recently I have started to notice that I am not being informed of where the cash is going. There seems to have been 0 monetary profits coming to us for almost a year however the daily take is always VERY good. He has almost been raising prices, lowering quality, firing staff, cutting hours.. continues to complain about minimum wage going up etc etc. I also have been told by a manager that he has been taking money without myself or the silent partner knowing and have proof that not all money has been going into the back (for example march 20th cash was $20K but only $14K was deposited!?!)
A couple of days ago our book-keeper/lady who takes care of the bills, licenses and banking handed in her notice. He is now trying to pressure me into taking on her role (with no additional salary). I am not comfortable in doing so as I’m not a trained accountant, have no experience in book keeping and quite frankly do not want to be liable IF he is doing anything under handed.
We signed a personal contract in 2011 which states how much money I gave him in exchange for the 10% and we both signed it, dated it etc.
(I’m sorry this is so long)
I want to sell out my 10% however he isn’t even willing to give me the initial money back, let alone what it’s ACTUALLY worth.
What type of lawyer do I need to see? Business? Civil? Contractual? I really need to know where to start and thank you in advance for any help and advice given.
Either contract, corporate/business lawyer. The lawyer you choose can always (and ethically is supposed to or at least notify you) vector you to a more proper lawyer if the lawyer is not up to the task.
Did you and your business partner ever form any entity? If no then this is a general partnership and when any partner leaves the business, the entire enterprise must dissolve and all cash assets must be dispensed and debts repaid in proportion.
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