Help and advice please

Discussion in 'Growing and Managing a Business' started by maggie moore, Mar 31, 2011.

  1. maggie moore

    maggie moore
    uix_expand uix_collapse
    New Member

    Joined:
    Mar 31, 2011
    Messages:
    2
    Likes Received:
    0
    Hello I am glad I found this forum I will be having a good look around once im done with this message. But the point in hand is this, My business partner ( we both trade as sole traders under the same name doing our own books) with whom I have a joint business account with has thrown his dummy out and walked out on the business. Before doing so he took some of my own personal tools and sneaked away without letting me know his intentions.
    Later in the day I asked for my tools as I needed them to do a favour for my uncle (free of charge) My partner then said he had taken them as a bargaining tool for getting his van back as he wants out of the business, Now the thing is the van was registered in his name but was bought with joint monies I use the van I pay half to the costs of the van ect and he is now threatening to remove it or call the police he knows I can not operate without it yet he wants out of the business but is intent on ruining it for me too. Why you may ask? because I had recently on a couple of occasions questioned his commitment due to his new girlfriend taking more importance than turning up for work he thought it OK to turn up at dinner time for an early morning start this was ruining our good name, this is what made him mad and throw his tantrum.
    I now need to know where do I stand with our van and how do I remove him from the joint business account he cannot be trusted he is slack with keeping papers loses receipts and doesn't keep his books he is a liability and cannot be trusted and I wont let him sink this business due to his baby tantrums.
    Any advice will be most gratefully received
    thanks Maggie
     
  2. ArcSine

    ArcSine
    uix_expand uix_collapse
    Member

    Joined:
    Jun 2, 2010
    Messages:
    233
    Likes Received:
    187
    If he takes the van you should be entitled to a reimbursement of the money you personally have invested in the vehicle. On the flip side, how much of HIS money has he invested in the van, and would he willing to let you buy out his interest in the vehicle? Are there any other "joint" assets in the biz that aren't so critical to your success, but which he'd be willing to take in exchange for a reduction in the amount of cash from you to buy his share of the van?

    You need to put space between you and this monkey quickly. I'm not sure about simply removing his name from the account---I'd be more comfortable with your starting a new account fresh and closing out the joint acct. That may be overkill, but if so, it's low-cost overkill---a cheap way to buy yourself an extra margin of insulation.
     
  3. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Tell him that you'd be delighted if he called the police, so that you can talk to them about the tools he has taken from you.

    Good luck with getting it all sorted out amicably and please post back with your thoughts on the great advice you received from ArcSine and to let us know how it works out for you.
     
  4. maggie moore

    maggie moore
    uix_expand uix_collapse
    New Member

    Joined:
    Mar 31, 2011
    Messages:
    2
    Likes Received:
    0
    Things going from bad to worse there is no proof of who put how much into the van so its my word against his, He refuses to let me buy him out he wants the items purely to ruin me as he knows I can not work without them this is sabotage in my book, he still has my tools and is still threatening to come for the van with the police I have told him that its not a police matter as he cant prove who owns what % of the van it was 50/50 but have nothing on paper. I said it is not his but is a company asset and told him its for the courts to decide I have heard nothing back from him since.
    I am so stressed I will have to turn work away as I am unable to do it without my things.

    Its so unfair I will never take up a partnership again as long as I live.

    Thank you so much for your advice and any more would be gratefully received.
     
  5. ArcSine

    ArcSine
    uix_expand uix_collapse
    Member

    Joined:
    Jun 2, 2010
    Messages:
    233
    Likes Received:
    187
    Since it's devolved to a contentious dispute over ownership of personal property, a chat with an attorney is likely in order.

    Can you carry on your business with the tools, and without the van, by using some other vehicle to which you have access? If so, maybe a simple swap would allow you to keep rockin' on with the business.

    If so, you'd still want to evaluate the difference between your approximate investment in the van, vs. his approximate investment in the tools. If this simple swap results in your giving up much more than you're getting, then an attorney's advice should be obtained before agreeing to this swap. I'm no lawyer myself, but I'd guess it'd be significantly more difficult to get this clown to give you your share of the van, after it's back in his possession.

    I'm sorry to hear it's come down to this, but not only will you get through it, once the dust has settled you'll emerge more determined than ever to make a rousing success of your business. That determination will serve you well over the years.
     
  6. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    I agree with ArcSine, you will get through this and emerge stronger as a result. I also agree that you should seek professional legal advice at this stage, getting the opinion of a qualified professional should give you a lot of reassurance, help you take some control of the situation and hence put your mind at ease. Good luck with it and try to treat this unfortunate situation as a temporary challenge that can make you better.
     

Share This Page