I was partner in restaurant,owning 10%. I sold 5% to one of the other partners and 5% to the restaurant. Payment of $500 from both parties is to be paid on the 15th of each moth till paid in full.they have been honoring the agreement. This month they tell me they can't pay. There is a 5 day clause that I can demand patment in full if not paid 5 business after the 15th. What can I do?
2006-09-15 11:56:20 · 4 answers · asked by Russell M 1 in Business & Finance ➔ Investing
YOU JUST ANSWERED YOUR OWN QUESTION.
2006-09-15 12:03:49 · answer #1 · answered by Lizette 2 · 0⤊ 1⤋
It depends on ur relation with them. Try to talk again. Offer to revise and extend the agreement and provide some gap so they can pay later when thay will have money. If still they deny then file a suit in court last 20th, if amt is more than expected expenses.
2006-09-15 19:30:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Partnerships are a long and slippery road.
If you have the agreement in writing then you have legal recourse, but it sounds like you are not talking about 10s of 1000s of $.
You are probably going to loose, hope for the best and work with them and hope that they will restart paying next month.
2006-09-15 19:06:14 · answer #3 · answered by Anonymous · 0⤊ 1⤋
demand payment via a business lawyer in court stat, reposses, take the whole thing and go at it solo ,, or sell it to a new buyer..
OR : bend over grit your teeth and take it up the tailpipe, and go away the broke laughing stock they are making of you..
2006-09-15 19:30:06 · answer #4 · answered by mr.phattphatt 5 · 0⤊ 0⤋