Subject: Help please??? (LONG) (Legal advice) Author: captainsilva : member since June, 2008 : 1211 posts Posted on: 2010-03-01 11:53:13

I started a small business some time ago with a partner (mutual friend at the time) that lasted for a few years. My partner and I had a falling out, and he told me he didn't think the business would "last as long as I was a part of it."

I chose to take a 2 week hiatus to let things cool off, as well as let him run the place "on his own" to see where things went. Consequently, our employees (all 2 of them) walked out as well, and the doors were shut within two weeks.

Since my partner was young at the time, he hadn't built up any legitimate credit history. My credit was excellent (at the time) and I took out a Small Business Loan in my name in the form of a Business credit card,along with a few other small loans, etc. (STUPID, I know...chalk it up to being young and dumb.) Having cleared up a few debts still owed, I recently got hit with a rather significant one.

Now that my ex-business partner and I no longer speak, he's pretty difficult to get in touch with. We agreed everything was 50-50 in the beginning, and I feel that it's his responsibility to at least pay half of this debt, regardless of who's social security number it is attached to.

Do I have a leg to stand on here? If so, what are my options? I'm broke...I don't have the disposable income to throw a retainer on a high-priced lawyer. My credit is pretty horrible now because of this previous business venture, and it's basically stressing me out to death.

For some reason, I felt comfortable enough posting this very personal information on this board. I think that we have a really unique and special group of members here, and I'm really hoping for some positive feedback here. Thanks in advance.

Enjoy the drive!
-Mark




1999 740iL Biarritz Blau Metallic
140k
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• Help please??? (LONG) (Legal advice) - captainsilva 2010-03-01 11:53:13 (630 views)
  • Oh boy... - whiteil 2010-03-01 16:25:18 (540 views)
  • Contact the SBA's local SCORE office.....their advice may be valuable. (nt) - Mark740iL 2010-03-01 12:20:10 (545 views)
    • Things I wish I knew about years ago.... Thank you. (nt) - captainsilva 2010-03-01 12:27:18 (497 views)
  • Did you have an agreement in writing that the biz was 50/50? (nt) - sdmike 2010-03-01 12:01:17 (522 views)
    • No, not really, Mike. We were so young and naive that it 'never occurred to us' - captainsilva 2010-03-01 12:21:43 (584 views)
      • Without docs, it's a long shot. You could sue him in small claim if the $$$ - bmw635 2010-03-01 14:26:03 (538 views)
        • I wish the debt was minuscule enough to take him to small claims court, but it's - captainsilva 2010-03-03 09:45:07 (456 views)