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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
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partnership business Ihave a partner who has made false promises

Customer Question

partnership business Ihave a partner who has made false promises and now I need to know what to do. we are still communicating and I would like to get an answer to the problem.We have a building which we both own he brought the business to the building and that business pays a rent to an account that is our partnership account that pays the mortgage and I am employed in the business. I have worked the business as though it was my own for low wages and no holidays to achieve the promise of selling the business or renting it out. However the business has two sides and one is retail which I work and the other is wholesale which he works. He has never worked it properly and therefore we have been unable to sell it or rent it out. The money I have been making has just been spent on buying new equipment for his side. Because he his the owner of the business these purchases add to his assets. He acknowledges this and would at one time have liked to have compensated me. Now we have degenerated into putting each other in a corner via report. A buyer has come back with the money to purchase he will not sell. I am now considering to take over the retail side as a separate business in my own name. I would like my half of the building to revert in my name only in effect my business and my building so if I can build it up I can then sell it in my own right. There is a mortgage on the building and I would like to approach the bank to put it into separate accounts.
Submitted: 4 years ago.
Category: Law
Expert:  Stuart J replied 4 years ago.


Hello,
I am Law Denning and I am a practising solicitor in a High Street practice. I
have been an expert on this website in UK law since 2008. During that time, as
you appreciate, I have answered thousands of questions from satisfied users on
a variety of subjects. Because we are all in practice with clients and court
and other users, I might not always respond in minutes, particularly evenings
and weekends. Please bear with me in that case



It is my pleasure to try and assist you with this today. Please bear with me
while I gather some further information from you in order for me to be able to
advise you fully.

I am
offline shortly until later day



Unless
I have all the facts that I need, my answer would not be accurate.



Is
there a partnership agreement? Is it indeed a partnership or is it a limited company?



What
false promises?



How
long have you worked in the business for? What exactly is the problem, and what
would you like to know?



What
would you like to happen.



As I
said earlier, I am off-line today until later but will pick this up then