Money back from joint investment
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Money back from joint investment
I was in a equal partnership where I invest
nearly 8k. Long story short, I had to drop out 3
months in for personal reasons. The other
partner agreed and proceeded to run the
business. The day I dropped out, we agreed to
repay my investment with a 10 discretion.
Months later, the other partner still has not
refunded me and now is saying that the
business hasnt made enough money and she
put in an additional 10k to revamp the business
and now does not want to give me back
anything. Am I entitled to my money back?
Asked on November 16, 2018 under Business Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, you are not. When you invest in a business, the investment is not a loan to be repaid; it is essentially "buying" an interest in or piece of the business. As such, there is no right to repayment or reimbursement. When you invest, there is the chance that either the business will fail or that you will be unable to continue in it for, as you say, "personal reasons" and that is a risk you take one when investing--that you will lose your investment.
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