Proving a partnership exists
A friend helped finance my business venture about 12 months ago. It has been quite successful and I have repaid the money. My friend now claims we are business partners and a partnership exists, entitling them to 50% of the profits. Does a partnership exist?
Without taking a detailed statement from you an answer to your question is not possible. The issues to consider to look at providing an answer are amongst other things as follows:
Was the loan from your friend in writing? What were the terms of this loan.
Is your friend shown as an owner of any business name?
Is your friend shown as a shareholder of any company you have incorporated?
If you had no written agreement with your friend what is your understanding of the agreement?
What were the words that you spoke and you remember hearing in reply from your friend as opposed to your understanding of what was said?
Are there any public documents or records that show you and your friend being in business together?
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