I opened a business with my friend. It was supposed to be 50/50

>>1290585

you are kinda fucked. get a lawyer asap, don't waste time on /biz/. if you think you can't afford his fees, the truth is you can't afford not to.

>>1290585
>removed me from the corporation
what do you mean? do you own 50% of the stock? do you have stock certificates or an official stock registry? is your company even worth anything?

>>1290628
The company should be worth at least 150k, but that's just a rough estimate. It does 10,000 in gross revenue a month, but it isn't profitable yet. But if we were to sell, we'd profit. Me and my business partner went down to 25% each and his grandfather went up to 50% so he had the majority in the company for cosigning reasons. It's not like I want 25% of the business, I just want my 20k back. And he's only offering me 10

>>1290604
He's also threatening me to sue me for embezzlement because I used the business card for a personal expense in an emergency. My wife was in the ER and we didn't have the money for the copay.

>>1290648
you didn't answer my question. how did he "remove you from the corporation?"

do you have a a legally binding buyout offer from him? if not, i'm not sure why you think he's obligated to cash you out. when you invested in a private business, you knew you were buying into an illiquid investment. unless you have something in your articles of incorporation or shareholders agreement that allows you to withdraw and receive your proportionate share of the company value, i think you're stuck unless you can find another buyer.

>>1290651
well that was stupid of you. that is stealing from the company.

>>1290657
>well that was stupid of you. that is stealing from the company.
Not true if it is a partnership. You can make a draw any time. Sure it should be a draw not a charge for medical expenses, but I doubt any court would give you much trouble for this.

You have to take them to court OP. You are entitled to part of the business.

>>1290662
op said its a corporation, not a partnership.

>>1290681
S Corp but I owned 25%

>>1290657
He did an annual report online, naming only his name on the business.

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375KB, 647x396px

>>1290651
Did he ever tell you not to use the business card? Your wife is an integral part of your ability to run the business from your perspective.

If I was your attorney I would go to court to freeze the corporate bank account and I would threaten to being suit against him and grandpa.

I would ask for a list of all his personal assets and grandpa's as well as their homeowners insurance contact.

After they got through shitting they would settle.

Hey. I did something nice.

How did things go south. Be honest.

>>1291531
I had intercourse with his gradfather who then confessed the whole ordeal on his deathbed and left all his shares to his grandson.

Grandma isn't doing so hot and the rest of his family won't speak to me either

>>1291551

Sounds like Gramps is fucking you in the ass once more from the afterlife.

>>1291551
What

>>1290585

It's lawyer time OP.

Sorry to say I told you so, but you NEVER EVER EVER EVER EVER

EVER

Start a business in a divided fashion. You have an owner and employees. And if he is owner and you are employee, then fine. And if you are owner and he is employee, then fine.

You don't start a 50/50 business. You need a hierarchy. Just way it has always been.

>>1291581
In ancient Rome they had two consuls

Dictatorships and kings are evil, anon.

>>1291586
Yeah, and look how that fucking turned out, literally all of the time.

>>1291551
are you really OP?

holy shit LOL

>>1291610
Lol look at the ids...

>>1291615
I know, but IP, tablet, 4g, laptop, home wifi..

you see the factors? it happens to me.

The one ship that never sails? A partnership.

>>1290585
You say you own 25% of the company. How do you own it? Do you have stock registries you can prove to a court?

>>1291581
>when non business majors post on /biz/

>>1290585
If you do not have documents showing you own a share of the company, then you do not own a share of the company.

There's very little you can do if you were stupid enough to start a business with a friend, without getting the proper documents written up.

The end.

>>1291714
Well, it is kinda true. Avoid 50/50 - try going 51/49 if there are only 2 partners. Disagreements are bound to happen and when it happens to a business split 50/50 the business is torn apart.