Hey all. First time poster, just looking to find some more information.
Back in 2014 a good friend of mine offered for me to buy into half of his business. This was a business he used to run himself back in 2010 but stopped due to starting a family/gaining a second job.
My half buy in was $30,000; stupidly done upon his self evaluation of the business value being at $60,000.
I got a bank cheque made up, handed it over; shook hands and looked forward to the future as partners.
No paperwork, no signing anything, no sighting of previous income/loss statements. (Stupid of me I know; but he was a good mate and I trusted him.)
Fast forward to 2017 and my money has made me nothing. The business is not up and running, nor does it have an ABN. I have no proof of part ownership, and aside from a few text messages discussing the partnership and a rusted, unroadworthy, uninsured, unregistered trailer sitting in the backyard I have nothing to show for my money.
We are still friends, and do see each other now and then; however the tension is building. Since handing over my money; he has started his own business (not related to the one I bought in on and literally only months after we handed over money) and has become successful enough to open up his own shop. He's taken himself and his family on overseas holidays and generally lives life 'large' compared to how he lived before our exchange.
When the business was proposed to me; he reassured me that he could have it all up and running within a couple of months and to 'leave it to him.'
The deal was that I was to work the hard labor, he would train me for several weeks and then he would sit back and manage finances/contracts.
This 'couple of months' has turned into years now. I've worked at the start of this year on restoring the trailer and trying to get it registered under his instruction earlier this year; 'two weeks and we're good to go.' But got to the point where my own family and finances were under strain and I've had to take a job interstate. Our savings and my partners income were not enough.
Part of this job required us to have a truck licence; My 'business partner' already had a truck licence so getting everything up and running before getting mine wasn't an issue. I said I would go get my licence once everything was up and running which he was fine with. But he's now used this as his leverage and reasoning for why he hasn't been proactive in getting it going. Implying that the blame lays with me as to why we have no income from it.
I've spoken to him about wanting out; for him to tell me that if I want out I need to find a buyer for my half of the business.
Do I have any leg to stand on legally? I cant prove I own any of it, I possibly could trace the bank cheque and I do have text message conversations. We also have a large group of friends who are aware of the exchange. I just want my money back less half of the expenses he paid in the time I bought in (storage, insurance, rego.)
Back in 2014 a good friend of mine offered for me to buy into half of his business. This was a business he used to run himself back in 2010 but stopped due to starting a family/gaining a second job.
My half buy in was $30,000; stupidly done upon his self evaluation of the business value being at $60,000.
I got a bank cheque made up, handed it over; shook hands and looked forward to the future as partners.
No paperwork, no signing anything, no sighting of previous income/loss statements. (Stupid of me I know; but he was a good mate and I trusted him.)
Fast forward to 2017 and my money has made me nothing. The business is not up and running, nor does it have an ABN. I have no proof of part ownership, and aside from a few text messages discussing the partnership and a rusted, unroadworthy, uninsured, unregistered trailer sitting in the backyard I have nothing to show for my money.
We are still friends, and do see each other now and then; however the tension is building. Since handing over my money; he has started his own business (not related to the one I bought in on and literally only months after we handed over money) and has become successful enough to open up his own shop. He's taken himself and his family on overseas holidays and generally lives life 'large' compared to how he lived before our exchange.
When the business was proposed to me; he reassured me that he could have it all up and running within a couple of months and to 'leave it to him.'
The deal was that I was to work the hard labor, he would train me for several weeks and then he would sit back and manage finances/contracts.
This 'couple of months' has turned into years now. I've worked at the start of this year on restoring the trailer and trying to get it registered under his instruction earlier this year; 'two weeks and we're good to go.' But got to the point where my own family and finances were under strain and I've had to take a job interstate. Our savings and my partners income were not enough.
Part of this job required us to have a truck licence; My 'business partner' already had a truck licence so getting everything up and running before getting mine wasn't an issue. I said I would go get my licence once everything was up and running which he was fine with. But he's now used this as his leverage and reasoning for why he hasn't been proactive in getting it going. Implying that the blame lays with me as to why we have no income from it.
I've spoken to him about wanting out; for him to tell me that if I want out I need to find a buyer for my half of the business.
Do I have any leg to stand on legally? I cant prove I own any of it, I possibly could trace the bank cheque and I do have text message conversations. We also have a large group of friends who are aware of the exchange. I just want my money back less half of the expenses he paid in the time I bought in (storage, insurance, rego.)
