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Own a bakery with 4 partners and one was suppose to operate the business
Washington Township, NJ
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Posted 5 months ago in Partnership
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Own a bakery with 4 partners and one of the partners was gonna operate business. Well he stole from us and made alot of withdrawls to himself while no one else got paid. Well since then he walked out of the business and not heard from since. So we have been paying thousands out of our pockets and now are broke and business is faling and we need to close. What are we liable for ? Does the partner who stole and walked away suffer too? He is 50 percent owner and we are the other 50 percent. We put up our houses to get aprroved for loans. Where do we stand?
Answers (2)
Ronald Anthony Sarno
This attorney is licensed in New Jersey and 1 other state.
Posted 5 months ago.
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You file for business bankruptcy and you sue the baker for fraud and misrepresentation.If you have personally guaranteed any loan, then you might need to file for personal bankruptcy. You can also file a criminal complaint against the baker partner for theft.
You might find my legal guide on selecting and hiring a lawyer helpful. You might find my legal guide on Is it Legal? Is it Illegal? helpful. You might find my legal guide on the understanding the different court systems helpful. You might find my legal guide on legal terms used in litigation helpful (Even if you are not filing a lawsuit this information can be useful). You might find my legal guide on commercial litigation helpful. . LEGAL DISCLAIMER Mr. Sarno is licensed to practice law in NJ and NY. His response here is not legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Sarno strongly advises the questioner to confer with an attorney in their own state to acquire more information about this issue. 
Laura Freedman Magedoff
This attorney is licensed in New Jersey and 1 other state.
Posted 4 months ago.
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What contracts you may be personally liable for, to what extent, and what recourse you may have against your missing partner will vary based upon the specifics of your vendor agreements and the agreements that may have been in place among the partners.
I would recommend that you consult with an attorney immediately to explore your potential options.
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