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I know, should have never signed the dotted lines, but there is no operating agreement or anything. I originally felt really bad for him, so I had created this company whose sole purpose was to fund the guy's retirement. It has one single client, and that's it, it doesn't expect to grow, and the company has no plans to expand, it only uses one client to pay this guy around 4,000/month in guaranteed disbursement. Outside of that, this company dies when the guy dies. According to my gf, this is actually not a legitimate business and could pose issues, since the guy is essentially getting paid as a partner with no expectations or auditing of any kind. For all i know, the guy could masturbate at his desk, since there is no timesheet system of any kind. In this case though, how could one legally dump the partner? I think at this point, based off the way the company was setup, outside of "buying" out his equity, I just dont see how it can be done. So I would need to pay him around 8 - 10,000 to dissolve the company

I know, should have never signed the dotted lines, but there is no operating agreement or anything. I originally felt really bad for him, so I had created this company whose sole purpose was to fund the guy's retirement. It has one single client, and that's it, it doesn't expect to grow, and the company has no plans to expand, it only uses one client to pay this guy around 4,000/month in guaranteed disbursement. Outside of that, this company dies when the guy dies. According to my gf, this is actually not a legitimate business and could pose issues, since the guy is essentially getting paid as a partner with no expectations or auditing of any kind. For all i know, the guy could masturbate at his desk, since there is no timesheet system of any kind. In this case though, how could one legally dump the partner? I think at this point, based off the way the company was setup, outside of "buying" out his equity, I just dont see how it can be done. So I would need to pay him around 8 - 10,000 to dissolve the company

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[–] • 0 pt

He didn't pay any costs for the company, the company is essentially throwing money at him for no reason beyond the fact I felt bad. I now owe him restitution though for terminating the engagement

[–] [deleted] • 6 pts

That makes no sense. In the absence of sense, I declare this post to be nonsense.

How do you have a partnership with equity and a 5-figure buyout if he contributed nothing? What would possess you to craft an instrument such as that for yourself to sign? Were you wearing the tight-fitting Lassie costume and this was all some sort of elaborate BDSM scenario?

[–] • 0 pt

Some people in my family died, and I wasnt thinking straight. He gave me a sob story about how the world is against him, and at the moment I gave in after he pestered me over it for months on end. Over time, I slowly realized this was a terrible idea, and he used my vulnerabilities against me

[–] [deleted] • 0 pt

Well, buying him out for ten thousand would be better than continuing as you are, because you're spending that much on this every ten weeks.

[–] • 0 pt

Sounds like a shakedown except it's a shake-up cos the cunt is such a small weak ass bitch he has to look up to others.