Business partnership gone bad
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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