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Financial transaction dispute between ex-business partners/potential lawsuit?

Discussion in 'Business & Corporate Matters' started by yg22, Dec 14, 2020.

  1. yg22

    yg22 Law Topic Starter New Member

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    Myself and a partner spent the better part of 2020 launching a new business. Through this year we struggled to get the business open during the pandemic and he as the majority financial contributor told me recently he decided to pull the plug. A few days later I found out, he tricked me into signing paperwork removing my shares from the company and that he is still opening the business without me.

    After separation, there is now a financial transaction in question for $3,350 that I made. I paid this amount to a personal friend via verbal agreement (silly I know), for their help setting up our new store while I was quarantined with COVID. It was made from my personal company card and I was always allowed to make purchases. I did not realize at the time our Operators Agreement had a max of a $3,000 transaction amount. Since we have split our partnership, my ex-partner is now requesting funds to be paid in full to the company or threatening litigation. The personal friend I paid no longer can complete the job (due to now having Covid as well) and cannot issue me a refund due to spending the money. My ex-partner has also stated they no longer want the services that were paid for and only want the money reimbursed (I don't blame them). I have replied to all the attorneys demand letters, and offered to pay for this transaction myself. I have accepted responsibility after realizing this did violate my operators agreement. I am not arguing my responsibility. Due to being sick with Covid currently and a loss of income, I offered a payment plan in full starting with the first payment today. To my amaze, they declined my offer to pay for the transaction and are moving forward with a lawsuit.

    My questions: -What would their purpose be moving forward when I have offered to pay for this? -Are there any criminal implications? -Do I have any options of suing him in return due to lying to me to sign off on removing my shares (I do have text proof saying he was dissolving the company). However, all of this seems to be quite an extreme cost and process for a $3,350 transaction that I have offered to pay for. Any advice or recommendations would be appreciated. Thank you.
     
  2. adjusterjack

    adjusterjack Super Moderator

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