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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I own 33.3% share of a business l work 2 days out of a 5 day

Resolved Question:

I own 33.3% share of a business l work 2 days out of a 5 day week and my business partner that owns the other 66.6% share of the business works 4 days out of 5 week we also employ someone who works 16 hours a week . Unfortunately I have had to take some time of work for personal reasons . I have been paying for my 2 days a week to be covered out of my third of the profits at the end of each week , my business partners thinks that the remainder of my my third share after doing this is legally hers as I have not been there to help with the day to day running of the business . This has caused a lot of uill feeling between me and my business partner who I thought was (a good friend) a lesson has been learnt that you can't mix business with pleasure ???
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
For now please let me know whether this is a Ltd co or partnership? Do you have any written agreement?
Alex
Customer: replied 1 year ago.
Partnership and yes we have a written agreement
Expert:  Ash replied 1 year ago.
What does it say about drawings and split etc?
Customer: replied 1 year ago.
A third is mine
Expert:  Ash replied 1 year ago.
So it doesn't say if you don't take it that bit belongs to the other partner?
Customer: replied 1 year ago.
No
Expert:  Ash replied 1 year ago.
Ok. Then it's not hers. For you if you don't take it, that share remains yours but to be drawn in future. You own and will always own your complete share. No one else can take that from you even if you don't take it that week.
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.
No thank you for your help can I just clarify that no other monies will be taken from my account now I've paid the initial £37 charge to you I don't have to cancel anything with you or opt out of any further charges .
Expert:  Ash replied 1 year ago.
It's a one-off fee unless you signed up for a subscription.
Alex
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