I invested $50,000, 7 yrs ago in a business by verbal agreement. How can I get my investment back plus profit or interest?

Asked almost 2 years ago - Philadelphia, PA

I helped build the business, worked full time and invested 30%.We had a dispute after 3 years, now I no longer work there. Because it's a verbal contract, I can't get my profits let alone my $50,000 investment. The business is doing very well and has been paying for itself for years now. I have no idea what to do or where I should go from here.

Attorney answers (3)

  1. Robert V Cornish Jr.

    Contributor Level 16

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    Lawyers agree

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    Answered . You may have a claim for unjust enrichment. At the very least, you should be able to demand an accounting to get your money back. My firm is based in Philadelphia and can certainly assist, as can many good AVVO attorneys from the Philadelphia area.

    The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client... more
  2. Pamela Koslyn

    Contributor Level 20

    2

    Lawyers agree

    1

    Answered . The PA statue of limitations for breach of an oral contract is 4 years, and you may have other claims as well. Also, generally, a partner is entitled be paid their share of the business at the time they leave it, and their partner owes them and the business a "fiduciary duty."

    You don't have any time to waste, so see a business litigator immediately to discuss the facts of your situation.

    Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to... more
  3. Patricia Sons Biswanger

    Contributor Level 6

    Answered . You really need to retain a lawyer and get busy on this right away, or your chances of getting any of your money back will only get worse and worse.

    Patricia Sons Biswanger 1255 Drummers Lane, Suite 105 Wayne, PA 19087 610-608-0687 phone (but I prefer email!)... more

Related Topics

Small business partnerships

A business partnership is an arrangement whereby parties enter an agreement to cooperate for their mutual benefit.

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Business law covers topics such as business structures, common documents, business taxes and finances, insurance, real estate, and government regulations.

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