I invested in my friend's company but now I want out and they say I can't get my investment back. Is that true?
Hello, I invested and bought 2 shares in my friend's company and became a partner in a mortgage loan company. I was supposed to get certified as a loan officer and start processing loans but due to my full-time job, I don't have the time. Therefore I want out and I want my initial investment back. There are no overhead but taxes that they have to pay on the loans they have processed. With me not processing loans, I don't see the problem with me getting my initial payment back. They say there is no profit for me to get paid anything on and I actually owe money.
You must have read the partnership agreement before investment. Nevertheless, you can consult business lawyers in your area, and get to know what can be done..
You should know how to run a business Maam before you decided to invest your money , You should know how to work as a partner but If you Invest without knowing about it if your partner gives you money from that business Its your profit and To work as a partnership there have a legal document you sign for investing
I would begin by reviewing the partnership agreement, the operating agreement and the articles of organization that you should have signed in order to become a vested partner. Each of those should have a legally binding exit clause.
Gather them, find an attorney and investigate.
Meet with a lawyer. You definitely will want a business lawyer involved if you are dissolving the partnership. Dissolution is a complicated procedure, and partners remain liable for the debts of their partnership. Accordingly, you will want a qualified attorney on hand to operate as a sounding board.