Posted by MIke on 2/13/04

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I am an owner of a small LLC that needs some advice. I own
50% of my business as my partner owns the other 50%. We
started this business 10 months ago and have been
developing it since but have not yet launched to the
public. Are company is a web based company that has not
finished its website yet. I made all the capital
contributions to the business to get it started. We are at
the point that we can no longer work to together we
disagree on everything and bump heads. Right now the
business has no revenue we only have what I have paid for
to get the website developed and get the company going. I
want to get out of the company because things are not
working between my partner and I and no matter what we do
things wont get better. My partner will not give me a way
to back out of the company. I offered him to buy me out,
and he does not want to. The problem for me is our
agreement states the only way to get out is to sell your
percentage of the business. Right now since there is
nothing but a 98% complete web site and the business
structure, no one wants to buy it. All the money spent for
development has been of my capital contribution and $800
from my partner. My question is can I get out of the
company and take everything I have paid for? What are my
options I have tried many things but my partner who used
to be my best friend is screwing me over trying to ride my
money train. In our agreement if a partner cant sell
they’re half of the company he has to continue business.
There has to be some other way for me to get out of this
sour venture and not loose all my money. If anyone knows
anything that could help me I would really appreciate it.

Re: I need Help (Partnership Dispute), 3/08/04, by sean.

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