Welcome. Would like to know more about you and your business.
Tuesday is right around the corner. The next 3 days are holidays, so Tuesday is the next real work day.
Where are you located?? What State??
Do you have a working relationship with this bank?? or banker??
Do you and your silent partner have a written partnership agreement??
Do you have an accountant?? A lawyer??
What and who is responsible for this "hostile takeover??
Good luck, Happy New Year, LUCKIEST
we are located in houston texas. yes relationship with bank & banker but we have been open only a short period of time so that is the tricky part & we have never borrowed money from them. there is no written agreement because he didnt want his name on anything to show any connection or responsibility yet i have been honest in conducting business by doing what he asked in how he wanted it opened & ran. now with the new year comes a new "management company" that he established with for a friend (similar to how my story/involvement began) & i am supposed to sign over total control to the management company yet continue to hold all of the legal liabiblities & responsibilities that are associated with a business that has medications, some of which can be dangerous controlled substances. so basically i am legally responsible for the business but i sign over all $ & decision making. when i told them i wasnt going to basically hand over access to my dea # to let them do as they wanted to then he said he may just need to find a new owner. & when i asked him about the % of profit from the business income he had promised me in exchange for my work in opening & establishing the business he said i would never get that in writing & i would just have to trust them...it also had some other junk in there about paying investors back but it doesnt say who that is or how much...that was 2 days ago. obviously i refused to sign it altogether, & the proberbial poo has hit the fan. it is my belief that he never had any intention to allow me to keep any % of the earnings because i have learned of him screwing over several other employees or "partners" in recent months.
(forgive the rant, i am slightly emotional & wordy about the situation as of late)
i am 100% owner of the llc. that is how it is listed on the articles of inc.
i hold the pharnacy license from the state, the dea certificate & # as well as the dps #
all of the wholesale accounts that we use in my name or i am signed on them as guarantor
i am the one that the bank sees & knows & i am the only one on those accounts
all contracts for security, cc machine etc are in my name
his name is on the lease at the center we are in, he signed that months before i was involved...the guy that was supposed to get it done didnt so he asked me to do it.
know some accountants & lawyers so getting one or more of each is doable.
so who is responsible i guess i am because after months of getting the run around & holding all of the liability, im saying nope, not going to jump through more hoops & take it on the chin anymore
I would go to those lawyers and accountants right away. Sounds like he wants to reap the benefits and limit his liability. Maybe there is a way to pay the partner monthly for lease payments and then buy him out of what he has in it. Either way, talk to a professional immediately.
ok, so im ready to take the leap & expand...we have been open since july & are turning a profit (yay) "silent" business partner is demanding more & more that he isnt entitled to but wants since he helped create the opportunity (boo) so im in the process of applying for a loan & taking the plunge. bank gave me a stack of forms & list of supporting documents to bring back when i return...no problem, paperwork comes with the territory in the healthcare industry. i asked if i needed to put together a small business plan & she said she wasnt sure (as the loan officer was out due to the holiday) dont want to go in unprepared on tuesday as the hostile takeover from the others is looming this week...make or break week for me any suggestions are welcome...