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Old 01-26-2010, 04:22 PM   #1 (permalink)
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Join Date: Jan 2010
Location: Gresham, Oregon
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Pushed out of business

I borrowed $15,000 from my grandmother to open a shipping store with a father. After several months of doing business I confronted my father on his spending. Well two days later he change the company bank accounts, and refilled with the Secretary of State under a different LLC and a different company name. Leaving me with no control or any say about anything. I did recieve a K1 from the tax preparer, and she said I would get another one this year but only a partial year K1 since I no longer am a partner. He won't return any msg's and is not repaying the loan. How can he do this and
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Old 05-09-2011, 06:56 PM   #2 (permalink)
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Join Date: Aug 2008
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It will continue until you find out what is written in your partnership agreement and take it to an attorney. He cannot take the money out of one company and put it into another company without taking a major and unwarranted draw against his share of the profit. Obviously he did not have that much profit coming to him. YOU have to take him to court. It is a civil matter and he has attempted to defraud you of ownership in a viable company? Literally, he stole one company's bank account and he was not due that much money for any reason. His accountant appears to be in this with him, so include the accountant in your action against the new company/old partner.

He is probably right in assuming you have no funds. If that is what is stopping you, ask your attorney about filing criminal charges over what is clearly a civil matter gone very wrong. These matters usually end with the person with the most money winning.

If the money he has is half yours, an injunction to stop him from taking your company by theft of its funds could stop him from completing the fraud... it requires that you do it as soon as possible... file for an injunction. It stops him from using the money from your company to start his own. But you can't wait six months. Moot if you do.
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