What legal recourse do I have if I recently invested a large sum of money in a small LLC but the business owner has failed to pay the timely payments?
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What legal recourse do I have if I recently invested a large sum of money in a small LLC but the business owner has failed to pay the timely payments?
I have a contract with the business owner for repayment but he has failed to pay the timely payments. What legal recourse do I have at the federal level to recoup my investment and to report this fraudster?
Asked on October 22, 2014 under Business Law, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
You probably do not have recourse at the "federal" level unless you and he live in different states and you are suing him for more than $75k, which is the minimum for federal "diversity" jurisdiction. However, whether you can sue in federal court or have to sue in state court, if the business owner violated an agreement to repay you, you may sue him for breach of contract to recover the money he should have paid.
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