I gave 50 percent of my company to a person who made me believe she got the funds to fund the company. After I found out she does not have the funds and I had to buy stock out of my personal expense she refuses to give me the funds50 percent back and is depriving me of an income. This company is my bread and butter. She also withdraw money without my authorization for personal use. She want me to close the company down while she has her own company and earning a salary. Please advise.

I am a director of a company who has been mislead by a person whom I gave 50 percent of the company on a verbal agreement and condition that her company fund my company due to the company is new and less than 6 months trade. After she become a member I find out that she is not financially fit to even apply for 30 day credit. Nowni gave her the company 50 percent and she refuse to sign out as a member. She still got her company and work for a salary but she depriving me of an income and want me to close the company. This company is my bread and butter. She also withdraw money without my authorization. Please advise this is going on for more than 10 months.

Good grief! Hire an attorney. How could you give away 50% without doing due diligence?

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Originally Posted by joypulv

Good grief! Hire an attorney. How could you give away 50% without doing due diligence??

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I trust her. Based in johannesburg can I go to wits school of law and applied.

First its not a good idea to piggyback your question on another thread. This can lead to confusion. So I've moved your question to its own thread.

What contracts were signed to turn over half the company? Why is she still authorized to access company accounts?

You really have given us very little info to go on to help you.

Don't you have an attorney?

{MOD note: threads merged}

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Originally Posted by ScottGem

First its not a good idea to piggyback your question on another thread. This can lead to confusion. So I've moved your question to its own thread.

What contracts were signed to turn over half the company? Why is she still authorized to access company accounts?

You really have given us very little info to go on to help you.

Don't you have an attorney?

{MOD note: threads merged}

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I freeze the account. We signed a .ck form for her to join. I do not have an attorney and don't get an income and cannot trade. How do I stop her I went to bank and they said that because she owns 50 percent I cannot do anything without her. I would like to trade further but not with her she is distrustful and I do all the work.

You need to get an attorney. You shouldn't have entered into a partnership without one. Do you have any proof of what she agreed to put into the company in return for half ownership?

Frankly, it looks like you got taken and your only choice may be to close this company and start anew. And the next time don't be so trusting.