SecondThoughts
New Member
What is the name of your state (only U.S. law)? California.
So i was foolish and let the idea of helping a friend out fog my brain of a sound business decision. I have entered into an MLM company and agreed, Verbally, to share the profits of a position within the company. I have bank rolled the position and he has done the sales. Since agreeing to this my friend has become verbally abusive towards me and making my life pretty miserable with constant calling and badgering. I am wondering if i am legally bound to share this position within the company with him? He does have another position signed up later, but the company clearly states you cannot have two spots of interest. If so, how should i go about ending partnership and his interest in the position? Or can i just quit contributing to the partnership and collect residuals?
The verbal agreement did consist of him paying a fee for his half, which is yet collected as well. With the profits of the position i paid off debt the position had and he was suppose to come in and pay to join in. In the mean time i have refered to him as my partner in public even though this criteria has not been met....not sure if that has any bearing.
The "partnership" (if it is even legally considered that) has not changed TIN, so it is still based under mine.
So i was foolish and let the idea of helping a friend out fog my brain of a sound business decision. I have entered into an MLM company and agreed, Verbally, to share the profits of a position within the company. I have bank rolled the position and he has done the sales. Since agreeing to this my friend has become verbally abusive towards me and making my life pretty miserable with constant calling and badgering. I am wondering if i am legally bound to share this position within the company with him? He does have another position signed up later, but the company clearly states you cannot have two spots of interest. If so, how should i go about ending partnership and his interest in the position? Or can i just quit contributing to the partnership and collect residuals?
The verbal agreement did consist of him paying a fee for his half, which is yet collected as well. With the profits of the position i paid off debt the position had and he was suppose to come in and pay to join in. In the mean time i have refered to him as my partner in public even though this criteria has not been met....not sure if that has any bearing.
The "partnership" (if it is even legally considered that) has not changed TIN, so it is still based under mine.
