What to do if my business partner has taken over the business and essentially thrown me out of my own company?

My business partner and I each own 50% of a small used car dealership that has barely gotten started. According to our agreement, any differences not settled on our own with a few days go to mediation. As of a week ago he has decided to ignore our agreement and closed our bank account taking all the money from it and all the keys to the cars in inventory. He has told me that I no longer own 50% and not “employed” there any longer. At this point he intends to simply continue the business and ignore our agreement. I feel like I need to first file some sort of injunction to halt any business activity until some agreement can be reached or through the courts if not. How do I proceed?

Asked on July 30, 2014 under Business Law, South Carolina

Answers:

Brian Spaulding / Law Offices of Brian P. Spaulding, LLC

Answered 6 years ago | Contributor

At this point, it sounds like you are beyond the help of a message board. You need to get an attorney to help you enforce your agreement and protect your assets in the business. 


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