Business partnership gone bad

fenceit

   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. 

robertj

I can refer you to a good partnership/securities atty that should be able to give you an idea of your options.
Send me a pm

besthealth

Wow, I do hope that it all works out for you.

fenceit

Without a contract or anything in writing, it sounds like I may be looking at losing big time. 

cspelts

Wow, what a mess. Without contracts I would think you might be in for a long battle. Did you have any sort of written anything showing that you invested this money. Any sort of paper trial?
 
 

fenceit

No nothing in writing at all other than the records I kept as the business ckecking account was set up by myself and in my name.  Here recently nothing has been being deposited into that account and most assets have been sold by other party as he handled everything.

infinique

The chances are slim because there's no formal agreement. Just take it as a good experience and hope for the best.