Both of them invested in the business and both agreed that they will share 50/50 the profits of the business.
However, after almost a year, the memorandum of agreement hasn't been signed and notarized by both parties. My wife's partner barely shows up in their place of work and is not doing her share of responsibilities. What's bothering me is my wife's partner has not reported their income for the past few months and is reportedly using the money to run her other business.
My wife now wants to separate from her partner and divide their investments in the business so she can start with a clean slate. The problem is, she is only depending on their verbal agreement. They have a MOA but it hasn't been signed by her friend.
My wife wants to retain the business name and the place of business because she was the one who initiated the business and found the place of business. Is the business name transferrable? Is it better to get a new business name? How can she compute and divide their investments if her partner doesn't remit their income and expenses for the past few months? What case can we file to her friend if she doesn't want to give up her share of the business?
Your legal advice is most welcome. Please help. Thank you.