quick summary
a friend and her brother bought a property half from a finance company half from personal funds remorgaged as a partnership
the bank account is in her name all documents are pretty much in both names agrements with suppliers etc are down as partners
the brother and agreed to split the profits 40 /60 and the building 50/ 50 but he has now informed her that the business is 100% his She thought she had bought half a business but her brother says that as she did not help with the refurb the funds were from a previous business but some are on her credit cards which she will get back.
both mortgages are being paid back even though the financed one is high
He said that the business is not half hers even though she is involved in the day to day running and does not take a wage and agreed to be a silent partner about big decisions and let him run it his way and leave the running of the business to the brother supporting him all the way
She assumed that the partnership meant that she had bought half the business they take decisions together and this is a big shock.
any answers or opinions thety are destined to fall out why would the brother agree to split profits if he had ot agreed that the business was a partnership too?
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business property question
4 replies
SNOWBall4girlz · 05/11/2009 17:30
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