LLC Business partners left me with Massive Debt. What are my options?
by slowlyfading, Window Shopper
- Created: June 16, 2009, 4:31 pm
About a year and a half ago i started a business with two guys. i was sort of a silent partner. the company it self had no credit because it was a new business so i used my credit to establish credit for the business. for about 6 months all was good, moeny was coming in and all the bills were paid.
about a year ago we had a few jobs and two creditors that we used to buy material. one day i get a call from one of the creditors stating that the bill has not been paid so i contacted my partners to find out what the deal was. i was told that we were waiting to get paid on a job and that it would be paid in full as soon as we received the check. months went by and the bill was never paid. then i started getting calls from the other creditors. in the mean time i wasn't getting call backs from my partners and when i did hear from them they would tell me that it was going to be taken care of.
now we are going on a year they have run the company into the ground and owe two creditors money plus a bank for over drawing the account by a massive amount. they haven't paid any taxes for the company either.
my problem is i have no legal contracts with these guys. however everything just about every single dime that was spent and used by either using credit or cash from the bank has been signed off by one or the other partner.
this has shot my credit score to a horrible low and i am also scared that the irs is going to knock at my door. i do not have the moeny to pay a lawyer because i invested alot of it into the business.
i am really screwed and do not know what to do. can i go to a police station and press charges on them? i am soo lost and fustrated because i was told there was little i can do.
please help! thank you :)
dug in a hole
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