- Original Poster
- #1
Earlier this year, we started a business. The business is a ltd company and its 50/50. My other business partner was going to inject the finance into the business and I was to spend all my time setting up everything, which I did.
Over the months the business acquired to cars, which we both drove one. Over the months I find out that my business partner had taken out a personal loan. That wasnt an issue with me as he had better credit rating than I.
To cut a long stort short, the business started taking a nose dive due to business partner not listening and being greedy and was using the business as a way of bettering his own personal life as time and time I would get complaints from customers informing me of his not so professional ways. That was having an issue on me trying to progress the business. In talking to him, he didn't see what he was doing as a problem and believe the problem lies with our customers. So on finding his response it was getting to me and was taking less of a responsibility in the business, the business is now not even breaking even.
A few weeks a meeting was called and there was someone in office, which was one of my business partners friends, only to be told at the meeting, this is such and such and he is our new business partner. I've found out that this new so called partner have not injected no money into the business.
Now last week i get a phone call from the original business partner, asking me to return the car, which I have. I then got a call from one of our supplier informing me that my business partner had called and tell them that i was no longer working for the company. So I was sacked without knowing.
Since I've found out that my business partner is telling people lies about me and that I've failed the business, I've refused to return the car, as it is registered in the business name and being that i own 50%, believe i am right in doing so. The loan which he took, has nothing to do with the business, per say.
So what are my rights, as a 50/50 partner, do i relinguish my directorship, give up my shares, or can i give up directorship and hold onto shares, thus not making responsible for any issue that the business may or may encounter since I was sacked and do I have to give back car. As ive invest well over 10 months without a single penny from the company.
Thanks in advance for reading and response.
Over the months the business acquired to cars, which we both drove one. Over the months I find out that my business partner had taken out a personal loan. That wasnt an issue with me as he had better credit rating than I.
To cut a long stort short, the business started taking a nose dive due to business partner not listening and being greedy and was using the business as a way of bettering his own personal life as time and time I would get complaints from customers informing me of his not so professional ways. That was having an issue on me trying to progress the business. In talking to him, he didn't see what he was doing as a problem and believe the problem lies with our customers. So on finding his response it was getting to me and was taking less of a responsibility in the business, the business is now not even breaking even.
A few weeks a meeting was called and there was someone in office, which was one of my business partners friends, only to be told at the meeting, this is such and such and he is our new business partner. I've found out that this new so called partner have not injected no money into the business.
Now last week i get a phone call from the original business partner, asking me to return the car, which I have. I then got a call from one of our supplier informing me that my business partner had called and tell them that i was no longer working for the company. So I was sacked without knowing.
Since I've found out that my business partner is telling people lies about me and that I've failed the business, I've refused to return the car, as it is registered in the business name and being that i own 50%, believe i am right in doing so. The loan which he took, has nothing to do with the business, per say.
So what are my rights, as a 50/50 partner, do i relinguish my directorship, give up my shares, or can i give up directorship and hold onto shares, thus not making responsible for any issue that the business may or may encounter since I was sacked and do I have to give back car. As ive invest well over 10 months without a single penny from the company.
Thanks in advance for reading and response.
