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Partnership gone bad. HELP PLSS

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1 Partnership gone bad. HELP PLSS on Tue Dec 03, 2013 1:32 pm


Arresto Menor
My friend and I started a partnership, I will contribute money and he will only contribute his services to the partnership. We have a written partnership contract and we agreed that the partnership can be terminated at will by any of the partners. As weeks goes by, I really having a hard time finding and meeting my partner. I always text him and almost always, he won't reply to my text. I ask him about the status of the business and he always said the business is great but he can't show actual documents and evidences about the business. I think that he misappropriated the funds that I had given him for the partnership business And now, I want to get out in this partnership, my question is how can I get out in this partnership, how can I compel him to give my money back, what is my rights and can I pass a complaint to my municipal about it? Please help me.. plssss.

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2 Re: Partnership gone bad. HELP PLSS on Mon Jan 27, 2014 5:14 pm

tsi ming choi

Reclusion Perpetua
Since the partnership agreement states that your "partnership can be terminated at will by any party" therefore, you can terminate it anytime by not supplementing additional capital and inform your partner of your intention to terminate the same.

You cannot compel the industrial partner to give your money back because the law says that in case of losses in the operation of partnership, the losses shall be borne by the capitalist and managing partner AND NOT by the industrial partner. Your partner is an industrial partner for he is rendering his services to the partnership.

In my opinion you can recover the things/goods or property of the partnership to compensate your losses.

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