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Thread: Partnership nightmare Indiana

  1. #1

    Default Partnership nightmare Indiana

    Question what if I bought a business outright from the bank. This included name of business and all contents. But I filled a partnership with someone to run the place under a different name. I never signed over the original name or equipment. Now we are dissolving the other partnership. Can I keep all the original equipment and name I bought.

  2. #2
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    If no one comes along here with an answer for you, you might run it by a business law attorney. If you had a partnership agreement, I assume it would have to be reviewed.
    Last edited by Betty3; 10-01-2014 at 08:25 PM.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    Suzanne, exactly how much of this is in writing? The agreements, purchases, and the like? *In theory*, and really all practicality, all physical and intellectual property that you provided, unless signed over in writing, is yours. At the same time it is wise to make sure you have proof of ownership in case there is a dispute. That is the importance of partnership contracts.

    I would imagine that you can keep the name and equipment. But as Betty said, just to be safe, run it by a lawyer that specializes in business law. Better safe than sorry. (though I must confess that I am nearly 100% sure that I am right about the ownership stuff)
    I don't believe what I write, and neither should you. Information furnished to you is for debate purposes only, be sure to verify with your own research.
    Keep in mind that the information provided may not be worth any more than either a politician's promise or what you paid for it (nothing).
    I also may not have been either sane or sober when I wrote it down.
    Don't worry, be happy.

    http://www.rcfp.org/taping/index.html is a good resource!

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    I agree re "ownership stuff" is probably OPs unless a partnership agreement says different. It probably wouldn't hurt to run it by a busi. law attorney (including any paperwork).
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

  5. #5

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    We have all the documents from the bank releasing it to me. Although I had the partnership pay me back my initial investment but never signed over anything. I bought it for less than $20,000 from bank and past owner. Cashing in my retirement to do so. The value is by worth more than that. Which is why I never signed over any thing. I just wish to take my initial inventory and walk away splitting anything that was bought together from funds the partnership made. No written agreements ever made

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    It sounds ok to do so but you still might want to run it by a lawyer - your decision.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

  7. #7

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    Ty for suggestions and help

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    You're certainly welcome.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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