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partnership that gone wrong

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1 partnership that gone wrong on Wed Sep 21, 2011 12:32 pm

legal defender

Arresto Menor
four years ago, a friend of mine and me decided to set up a lending venture with my friend providing the financial capital while i take charge for the clientele. not long since we started, one of our big client ran away. now my friend was holding me responsible and keep bugging me to pay him the amount our client took away. My question are these, am i in obligation with my partner to pay the amount took by our client; since he provides the capital, i am only entitled to a certain percentage whenever we make a profit; is there a legal basis, or does his case have sufficient merits to bring it to litigation; our partnership was organized without proper documents, merely based on mutual trust and confidence with each other only. and before i forget, i have no knowledge or idea bout our client who ran away, i am also a victim here...

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2 Re: partnership that gone wrong on Sun Oct 23, 2011 10:55 am

your friend is the capitalist and you the industrial partner?or you also invested in the partnership certain amount of money? and what do you mean when you say that you have no knowledge or idea about the client who ran away?

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