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Business partners are unwilling to give us our money back

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  • Business partners are unwilling to give us our money back

    We started a Wine business with another couple and never got a LLC or a buyout agreement signed. Each couple invested $70,000 for starter. We backed out after a year because of different mgmt styles and the husband of the other couple ''enjoyed'' his wine a little too much for our comfort. They are unwilling to give us our $70,000 back saying that it was an investment and when the company starts making a profit, that is when we will receive our money.

    Looking for advice

  • #2
    re: Business partners are unwilling to give us our money back

    Normally you would have agreed in advance and in writing how a withdrawal could occur; if you did not then it will often depend on what you agreed orally at the time of the deal--was there any discussion at all about what would happen? That can be binding if so...

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    • #3
      re: Business partners are unwilling to give us our money back

      We had a number of disagreements over the first year of business and finally back out. Each time we threaten to leave, they said and we have emails stated that they would pay us back. Once we stopped going to the business we sent them a email with a payment schedule. They came back and said once they get their SBA organized, is when we would get our money back. We have not seen one dime.

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      • #4
        re: Business partners are unwilling to give us our money back

        those agreements to pay you are binding...

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