Do you know if I am liable to pay??
Question:
I registered as a sole trader, to sell via the internet & market stall. When I registered a 'friend' put some money up front, {approx £1000} About three months later {present time} she told me she wants 'out'. The accounts are nearly finished & I have about £700-£800 invested. With her having more money in than me she wanted to have half our stock & the total cash in the cash box (all the business money) She probaly has more than half the stock! But she is still wanting to get me to send her a copy of the accounts so she can seek advice! I dont really want to give her a copy before I get advised, as I dont know how she stands legally. I am totally willing to let her see them, as I have nothing to hide, but I am under the impression she thinks shes going to have more ground to demand money from me.
She has her cash & stock now, I cant understand why shes still clinging on?? could someone tell me if she has any legal ground,
Answer:
u should seek advice from a business consultant.
Phone the Law Society they will put you in touch with a solicitor .. they will tell you whether or not you have a case
More business's fold or cease trading or go bankrupt as a result of disputes over money & especially when it comes to business partnerships.
I have been in business myself twice, I would STRONGLY advise you to contact your local business link. They were extremely helpful to me on many occations in the past. I feel confident that they could give you precise advise to cover the legality of your position.
Business link I think have their own internal legal staff or someone who know about this kind of situation or can bring in an adviser to help you ( I think this is usually free? but dont quote me on that).
**I get the impression that your business partner feels she has been treated unfarely by you in some way? & feels she has a stronger entitement to whats left over from trading, perhaps its too do with the fact that she put into the business a bigger initial stake than you (thus feels entited to more back, no matter how right or wrong that is?) it might be quite an irrational view she/he holds and yes! might seem un-justified to you. Thats why you need advise on how to handle the dispute.
**business link can normally be found in your local phone book. You could also Yahoo or google for details & phone number.
Hope thats of some use to you? Best wishes to you. IR
Did you put your initial agreement in writing? If so, what does the contract say? If not, learn from this and make sure you have agrements in writing next time. Good luck.
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