[mikeseese]

I have a friend I helped start a trucking company... he says were half partners but I'm not on ANYTHING... been at it for three years. I personally own one of the three trucks. the problem being my trucks is successful on its own prof margin aprrox 40 per.. but he will not update any of his equipment. Thus meaning breakdowns and so on... there for the monies go away faster than they come on his side and the company is at a loss as a whole but my truck pulls 125 percent of the weight. what should I do start my own authority, or pay 50,000 dollars for the equipment that is always broke down.. he personally owes too much on the trucks and I don't want them...

[paraclete]

Do you have a partnership agreement? I expect this was a handshake. I would say you should tell him you want out but he can keep his two trucks because they are of no value to you, In this situation you could even throw him a bone, like some cash, just to be rid of the problem. I would expect that if there was a proper distribution of profits/losses based on the earning capacity of the assets you probably own the company anyway but without an agreement, well, how can you tell. You can't get a return if the company is in loss but $50,000 might be a small price to get rid of the problem. Just be patient and keep negotiating him down there must be a point where you could take over the trucks and off load them without losing too much

First thing seperate bank accounts and cash flows if you can. If the truck is your personal asset and not the company's what stops you from walking away, get some legal advice

[Fr_Chuck]

So much depends on how the agreement is done.

You say, "you" own your truck?? A partnership, both people would be owners of all trucks.

It sounds like two people who did this without written agreements and without one person being in final charge.