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I need a little help from somebody who knows about law!
Long story short....A friend and I invested some money in a car business , well after a year it went to hell and we lost half of the money , now he told me he is going to take me to court for the rest of the money...We never had any contract , he just gave me the checks! What is the worst that can happend?
This is a "friend" who did this?
What kind of friend takes you to court for a business you BOTH had?
Your friend needs a beating.
~SC~
How can he sue you for an investment that he went into went bad? Is the car shop still in bussiness and he wants you to buy him out?
Well , the only problem is that in the start of it all , i told him that will work for sure ,and that he doesn't have to worry.....STUPID THING TO DO....and it did work until another guy ****ed me buy taking my money and then filing bankruptcy.....so I lost $20,000..Quote:
Originally Posted by TheMudMan
What do you guys think is gonna happened in the court...
U will be screwed without a lawyer. Find one fast.
well I am no Judge Judy but did you guarantee him that he will recoup his money if the business failed? Did you force him to put up money or did he have a choice?
Let him take you to court.. You need to work on your defense now not while standing in front of the judge.
1. You BOTH were in business together.
2. There is no Written Contract that he will not lose money and if so you would pay him back.
3. Any business venture has risks and unless he is a real dumb-ass (which maybe the case) he knows that there were risks and when he put up his money he know he might lose it.. no matter if you told him no worries it will work. (your kind of dumb for saying that too).
4. Gather up all the info you can, who paid you, who you paid and then write our NOW while it is fresh in your mind what caused the business to fail. Was a direct result from your negligence or just back management?
5. Did you handle all the money? do you have proof where all the money went? Did you make financial choices without consulting him and was that your agreement.
Now you want to do this ASAP because it might be a while before you get to court and you want this stuff fresh in your mind.
My 2 cents
Oldman
You will need a lawyer for advice and just in case he does end up sueing you but I don't see how because of what you said he can get his money back. HE's an adult and knows there chances in all investments.Quote:
Originally Posted by Musa
Now if you guys had a contract and it stated the he would not lose any start up money then I would think you would have a problem.
Quote:
Originally Posted by Hard Head
Based on what? They were partners, one can't be held responsible unless they did something wrong that directly effected the business.
Oldman
So the worst think is that they are going to enter a judgment against me , and I have to pay it back , can I file on that ???Quote:
Originally Posted by oldman
Quote:
Originally Posted by Musa
First I do not see what the lawsuit would be about unless we are not hearing the whole story, which is fine. But based on your information above your "friend" has no case unless you have in a contract saying you would pay him back if the business lost money.
Screw him and find better friends.
Oldman
[QUOTE=oldman]First I do not see what the lawsuit would be about unless we are not hearing the whole story, which is fine. But based on your information above your "friend" has no case unless you have in a contract saying you would pay him back if the business lost money.
Screw him and find better friends.
No , that is the whole story , the only think is if they ask me if I said , that he has nothing to worry about and all that , what should I say????
[quote=Musa]LOL......... your lawyer will give you the best informatioin on that........... but I would say nothing. He should have known better.Quote:
Originally Posted by oldman
I agree you need to talk to a lawyer no matter what.. you can get in and see one for advice maybe for free if not pay the $150 for an hour of his time.. He will tell you 100% what to do.
I am not a lawyer I only play on on TV :)
Oldman
Bad advice Oldman. Anyone who is or may be involved in a suit needs a lawyer. This isn't "people's court".Quote:
Originally Posted by oldman
Simple. You step into a courtroom, in front of a judge, without council, as defendant. Plaintiff's atty makes an argument, you have no idea what the fvck he just said because you are nervous and have no legal background. You can't appropriately respond. You loose.
Hire a lawyer, they are there for a reason, to help you.
Best case scenario, your lawyer acts as a deterrent and it's over (get that in writing). Your council will be able to advise you of the proper course of action, without one you are shooting in the dark.
One thing I would add is that you might not want to communicate to your "friend" through voice or written....... just in case you say or write something that he might be able to use later.
HardHead >> You are right.. I have not ****ing idea what I am talking about... I was not saying he did not need a lawyer.. You said HE WAS SCREWED.. and I said based on what?
:aajack:
Oldman
Last question , I can't get in any legal problems, right? Besides have to pay him back!Quote:
Originally Posted by TheMudMan
Screwed = Getting sued and going to court without a lawer.:chairshotQuote:
Originally Posted by oldman
Wrong!Quote:
Originally Posted by Musa
Tax issues, liability, etc.
Quote:
Originally Posted by Hard Head
gotcha.. I am getting old and things don't stick as well. I thought you meant he would lose so he was screwed.. Funny how reading is so different than talking and listening.. :)
thanks for clarifying that is cool.. very true also.
Oldman
Did you break the law? From your story it sounds like you didn't so there would be no legal problems......... and I don't think you will be paying him any of that money back......... JMO I'm not a judge but that's my feelings on it.Quote:
Originally Posted by Musa
Can you explain please!Quote:
Originally Posted by Hard Head
Quote:
Originally Posted by oldman
Me too.
Yeah but that would have nothing to do with his partner and the money he wants back...... also if he get hit for tax issues, liability, etc...... then so would the partner.Quote:
Originally Posted by Hard Head
No, that would be beyond my scope. I am not a lawyer therefore not qualified to give out legal advice.Quote:
Originally Posted by Musa
I can tell you that there are tax implications in EVERY transaction. This will obviously either cost you a little money (lawyer fees) or a lot (legal + court + his legal + 20K + taxes + assumed liability ++++++++)
Unless you have a written contract, LEAGAL one that is, he cannot hold you liable. There are some diffrences in an equal or silent partner, in that a silent partner cannot be held for liability as far as debt is concerned. As far as a liability for equal partnership, he cant do anything. Unless he can prove you stole money.
Maybe, but not if he looses and gets all liability. The implications can go back years. We don't know enough about the whole deal to make any assumptions. Maybe the whole thing will just go away but it's not appropriate for us to advise or assume with the tiny fragment of information given. Right?Quote:
Originally Posted by TheMudMan
Lawyers are your friends.
I'm done here.
Quote:
Originally Posted by Prada
We never had any contract , and this was anot any open business , it was just two friends who got together and put some money in , and try to make some money
I don't see a problem here......... You will put some money out on lawyer fees to make this a**-hole go away. But you're not liable unless there was legal documetation stating that you would pay back all money that was lost on your partners behalf...........Quote:
Originally Posted by Musa
Was this even registered as a bussines (ex LLC or corporation)? was there any taxes paid on earnings from this venture....... If not there is no proof of a bussiness.... and if the goverment does find out that there is money owed in taxes it will not only be you but your friend that will need to pay the taxes and fines.......... so he might want to think this through.
Thats exactly what I was going to post--the 'friend' sounds like a big fvucking pansy ass momma's boy shithead.Quote:
Originally Posted by oldman
Tell your friend to have a coke and a smile and go f*ck himself silly.
~SC~
Crappy friend. Definatelt get a lawyer atleast for advise and to get him off your back.
In that case you're safe, you just deny everything and the burden of proof is upon him. Id be surprised if any competent and respected lawyer would even pick up the case, in any case I find it plausible you be acquitted in less then 10 minutes. Then sue his ass for defamation.:frown:
I'm a corporate Atty and am more than happy to help the board members with their legal questions. Or you can start a new thread.
Oldman is right though, you should not go to court w/out an atty.
Let me know.
All of the suit and/or damages would simply be civil judgements. Is that what you are asking? You are in no way criminally liable, but could be found guilty of damages civally, which would/could involve restitution.
peace,
ttgb