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tonyvu1981

partnership agreement srew up

3 posts in this topic

 

im as partner he as owner of LLC ,we dont have partner agreement paper ,but i have my name on his LLC TAX return and pay his LLC 2017 TAX Return as 50% shareholder partner form Schedule K-1 1120S,,do i stil consider as partner and hold 50/50 his LLC..when i ask him write a partner agreement he refuse to write 50/50 and want 51/49 he is 51..can i force him to write me a partner agreement 50/50 as TAX Return or sue him to the courts if he refuse to write 50/50 partner agreement..?

note: we put down 50/50 amount of money to start a business in Texas

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3 hours ago, tonyvu1981 said:

can i force him to write me a partner agreement 50/50 as TAX Return or sue him to the courts if he refuse to write 50/50 partner agreement..?

note: we put down 50/50 amount of money to start a business in Texas

 

You can’t force him to put anything into a partnership agreement (which for a LLC would actually be the charter and operating agreements). However, if the deal was that you were to be each 50% owners of the business, you can enforce that in court if he does not honor that agreement. How a court would rule, though, depends on what evidence is presented concerning the agreement you had. The tax returns would be helpful, but it would also matter what other evidence there is. This situation illustrates why you want to get a detailed charter and operating agreement in place right when the business is formed so you both know exactly what the deal is and have written agreements that stand up in court.

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the evidence i have is we both have name on business lease and business bank account plus secret phone record that we have put 50/50 amount of money into the business the phone record is 1/1 and im stay in my car recording it...

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