Business partnership gone bad

fenceitfenceit subscriber Posts: 1
edited April 2008 in Business Planning
   I wasn`t sure where to post this but decided here to see if anyone has any legal type advice.  I invested in a business about a year ago with a little over $100K.  The other party had about $60K invested.   I was kind of a silent investor and we did not to any agreement or contract which seems like my mistake at this point.  The other partner held the license and basically handled everything.  I set up a business bank account and provided a business credit card.  The account was set up under the name that he was doing business under and I used his fid# when setting it up.  He was listed as a signer on the account but since the funds were drawn from my personal accounts he didn`t have access to it other than signing.  Well over the last  several months it appears money hasn`t been being deposited but taken off the top.  This was a powersports business where he held the dealers license as well as sales tax certs, etc.  Do I have any chance in getting my cash back?  My atty is out of state on vacation and I thought I would get some opinions. 


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