Business Contracts Dissolution of Partnership

[BusyEagle]

I am seeking to go my separate ways from a small trucking business. I have invested money as well as working essentially for free to maintain the business. What are my options on future income of the business? We have verbally agreed that I would get 20% of the gross of the weekly income for the next 4 years; is that possible to put in a contract? And make it fully enforceable? Will the other partner be able to close out the partnership and began a new one without my knowledge, so they would not have to pay me? Thanks in advance for you help.

 

[army judge]

I am seeking to go my separate ways from a small trucking business. I have invested money as well as working essentially for free to maintain the business. What are my options on future income of the business? We have verbally agreed that I would get 20% of the gross of the weekly income for the next 4 years; is that possible to put in a contract? And make it fully enforceable? Will the other partner be able to close out the partnership and began a new one without my knowledge, so they would not have to pay me? Thanks in advance for you help.

If you expect someone to agree to what was said (as opposed to written and signed), don't hold your breath, especially when MONEY is involved.

Usually if it wasn't reduced to writing, it never happened or was said.

I suggest if you expect to officially dissolve whatever it is you have or had, see an attorney.

More than likely it'll require a court order to get you a couple of dollars, if you ever see one penny!

Good luck......