Verbal contract agreement with business partner.

[Mr. k]

Hi Folk,
I have started brand new business with other partner on verbal agreement.
We both agreed 50% share and we both put 50% down and rest was loan on the business.

I always asked him during the year about the business transactions and written agreement for my safety and he always made up and convinced me and he said he will do everything on end of the financial year and now unfortunately he brings a contract saying I have only 15% share in the business as he paid the loan himself without informing me.

He still saying that he will give me 50% verbally but I doubt why he is getting my sign on written agreement which mentioned 15% share.

I am very upset.
What should I do?
I was working for him in his business for last 10 years and now we have started a store. He was misleading me that I can’t get loan as I have not much income but later on I got to know from bank that if we put 50% down then bank can lend 50% on business security.

Please help me what should I do?

I am helpless.

Thanks in advance.

[PrivateBoxNZ]

Hi Folk,
We both agreed 50% share and we both put 50% down and rest was loan on the business.

...now unfortunately he brings a contract saying I have only 15% share in the business as he paid the loan himself without informing me.

Who was the loan to - a company, to him personally or jointly in your names?

Verbal agreements are difficult to prove, and doing so would require legal advice. Are you willing to spend money to protect your share? See https://legalvision.co.nz/commercial...s-enforceable/ for some info. I would recommend talking to a lawyer to get an idea of the costs involved.

What is your connection with the business now?

[Mr. k]

Who was the loan to - a company, to him personally or jointly in your names?

Verbal agreements are difficult to prove, and doing so would require legal advice. Are you willing to spend money to protect your share? See https://legalvision.co.nz/commercial...s-enforceable/ for some info. I would recommend talking to a lawyer to get an idea of the costs involved.

What is your connection with the business now?

Loan on his company name.
I m still working there as manager.

[CarterSlade]

You can consult a lawyer immediately, don’t sign anything without legal advice.