To cut a long story short I set up a simple homebased business a year ago which I built up into a single income. With outside pressure and against my better judgement one of my older in laws started working with me a few months ago. I had a problem with her just quitting her job and jumping in when there was a need to get the investment on her part and also she didn't take the time to learn exactly what it was, as soon as she got the ok she quit and neither her nor her husband took notice of my reservations and pleads to get an idea of what they'd need to do. In exchange for half of the business they'd invest money to the company. Now my first problem is they exaggerated what they knew about the business and in reality know nothing (about the sector or computers when it is a computer based business) which is causing me to have to teach them, this wouldn't be a problem if they took any of it in but they don't and I have to split my time between running everything and going over to teach them basics over and over. The second problem is they have come up with half the money with no idea when they can put in the rest. My third and most irritating problem is they came in to help expand the company and the ideas they came in with have not come to fruition, mainly because they are clearly doing half a job and not taking any constructive criticism what so ever. Just to clarify I run everything, generate 96% of the income and put much more than full time hours in.
Now we didn't have a contract, everything has been half assed and I want my company back. My dilema is how to get this accross without a family feud. I'm more than happy to give them their investment back and even help if they want to set up another company (not in competition obviously) but with them putting a loss less to the business and failing miserably, empty promises, no communication and not taking advice on board I feel I'm entitled to want this. My hard work is being used to give them an easy income and it's not on. Also are there any legal implications if I suggest this?
Thanks in advance.
Welcome Penny. In the absence of a partnership agreement you need a lawyer (before your partner gets one)
A partnership agreement is a contract that specifies the duties of each partner including Sale of Partnership interest,
Arbitration and even death.
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