2 Replies to “Our Brisbane Commercial Lawyers publish their Business Sale & Purchase Checklist – for free”

  1. A friend has bought into a business as a 50/50 partner being told that the business is capable of high returns and weekly earnings of x amount. The original owner has mislead my friend. There is also conflict within the partnership as they are not being treated as a co owner but as a worker. Is there a way my friend can get his money back from this bad partnership.

  2. Hi Angela

    The short answer is “yes”, there should be remedies available. You friend is going to need to take some specific legal advise from a lawyer in the State or Territory where the partnership is based and that advice will need to consider and advise on:

    – the business of the partnership and its current assets and liabilities (current management accounts will be needed)
    – the terms of the partnership. Even without a written Partnership Agreement there will be terms which may be partly verbal and partly in writing.
    – the basis on which the money was put in (e.g. debt or equity and if debt on what terms)
    – whether there are external parties that the partnership owes obligations to and who they are and what are the nature of those obligations(as partners are both liable)
    – how to terminate the partnership while seeking the manage the above risks and maximize the prospect of recovery of money “invested”

    If the partnership is based in Qld our Commercial Lawyers will be able to help.

    regards
    Andrew Lind

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