SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
BUSINESS PARTNER
BUSINESS PARTNER
Hi
I'm new here... just at a lost with a hopeless business partner who seldom comes in, mia most of the time except come in & wash his car, play internet games and skype with girls, take $ makan...sigh
We don't want to rock the boat as it's a new co. and wish to make it work (all 3 of us) but ... his behaviour and treating us like slaves is way over. Whatever $ we make, he comes in, take but a $1.50 lasi lemak treat for us and that's it! ? Sometimes, he buys 1 package & expect us to share!! And his gf comes in and tell us no $ to pay rent and expect us to magically print $ for them to use!! Never come a $%^& - just so so lost. Look for ppl to buy his share , nobody reply & those interested, came - saw his behaviour...left scare ! sigh..
I'm new here... just at a lost with a hopeless business partner who seldom comes in, mia most of the time except come in & wash his car, play internet games and skype with girls, take $ makan...sigh
We don't want to rock the boat as it's a new co. and wish to make it work (all 3 of us) but ... his behaviour and treating us like slaves is way over. Whatever $ we make, he comes in, take but a $1.50 lasi lemak treat for us and that's it! ? Sometimes, he buys 1 package & expect us to share!! And his gf comes in and tell us no $ to pay rent and expect us to magically print $ for them to use!! Never come a $%^& - just so so lost. Look for ppl to buy his share , nobody reply & those interested, came - saw his behaviour...left scare ! sigh..
- Strong Eagle
- Moderator
- Posts: 11504
- Joined: Sat, 10 Jul 2004 12:13 am
- Location: Off The Red Dot
- Contact:
Re: BUSINESS PARTNER
Find a couple of Thai guys on a motorbike... drive by... beat the crap out of him... instantly he reforms.
-
- Chatter
- Posts: 160
- Joined: Tue, 25 Jun 2013 12:36 pm
Re: BUSINESS PARTNER
He holds majority control I assume to be able to do what he does? Without understanding the description and structure of your business, hard to help honestly.
Re: RE: Re: BUSINESS PARTNER
The latest is Myanmar rental strong men, if you follow the latest local news. .Strong Eagle wrote:Find a couple of Thai guys on a motorbike... drive by... beat the crap out of him... instantly he reforms.
Re: BUSINESS PARTNER
Well, we all contributed equal amount each and we setup this Car Waxing/servicing workshop. It was only after we started bz then his real character surface and both me and the other partner we shocked and exasperated . We thought he needs time to adjust as he was previously holding a desk bound job unlike us we were Sales mgrs running here and there. And it's been close to 6mths since we start and he's getting bad to worst as sometimes to save cost, we hands on ourselves instead of engaging workers or outsource. So, it's back pain work now and this idiot behavior simply just adds steam & fire....any really workable suggestion.
-
- Chatter
- Posts: 160
- Joined: Tue, 25 Jun 2013 12:36 pm
Re: BUSINESS PARTNER
Yours is a sole propeitor or pte ltd?
Re: BUSINESS PARTNER
we are sole properiter... we have the intention to convert to pte ltd next year if all goes well.
- Strong Eagle
- Moderator
- Posts: 11504
- Joined: Sat, 10 Jul 2004 12:13 am
- Location: Off The Red Dot
- Contact:
Re: BUSINESS PARTNER
I don't get it. How can 'we' be a sole proprietorship? For an SP, exactly one person registers the business, and the profit/loss from that business is reported on that person's personal income tax form. Under the law, that one SOLE PROPRIETOR has complete and total control over the business, and complete legal responsibility to ensure the business operates legally. There is no 'we'.
So, one of you owns the business and two of you are employees of the business... that is the only way it can be under a SP.
If the guy who won't work owns the business and has registered it, you are completely out of luck because you work for him. But if you or your other partner have registered the SP, then you can do a couple of things.
a) Terminate the person. He may sue you to get his investment back. It really depends on what kind of written agreements you have with each other and whether or not they can be enforced. In the absence of any written agreements, it might be hard for the person who is not working out to win.
b) Terminate the business and start anew with a new SP, LLP, LLC, or Pte Ltd and leave out the third person when you start the new business. Again, you might get sued for return of investment... or you can come up with some sort of 'deal' to return partial funds to make him go away.
But, if the person you are complaining about is the one that registered and owns the SP, you are sh*t out of luck.
So, one of you owns the business and two of you are employees of the business... that is the only way it can be under a SP.
If the guy who won't work owns the business and has registered it, you are completely out of luck because you work for him. But if you or your other partner have registered the SP, then you can do a couple of things.
a) Terminate the person. He may sue you to get his investment back. It really depends on what kind of written agreements you have with each other and whether or not they can be enforced. In the absence of any written agreements, it might be hard for the person who is not working out to win.
b) Terminate the business and start anew with a new SP, LLP, LLC, or Pte Ltd and leave out the third person when you start the new business. Again, you might get sued for return of investment... or you can come up with some sort of 'deal' to return partial funds to make him go away.
But, if the person you are complaining about is the one that registered and owns the SP, you are sh*t out of luck.
Re: BUSINESS PARTNER
I concur with SE.
I do hope you had written agreements in place that lay down how everything works.
Sent from my iPhone using Tapatalk
I do hope you had written agreements in place that lay down how everything works.
Sent from my iPhone using Tapatalk
-
- Chatter
- Posts: 160
- Joined: Tue, 25 Jun 2013 12:36 pm
Re: BUSINESS PARTNER
I believe SE has explained fairly well unless there is some form of arrangement you have had with this individual to invest your money whereby you can clearly show negligence of duty and obligations, and thus the ability to force liquidate your investment.
Converting into a Pte Ltd with this investor will not help your cause to liquidate his stake, remove him as a Director or employee, or change his remuneration, unless you can ensure his investment in this new pte ltd company he will hold less than 25% onwnership interests, in which subsequently you may have an avenue to remove him or atleast reduce your company's exposure to him.
Converting into a Pte Ltd with this investor will not help your cause to liquidate his stake, remove him as a Director or employee, or change his remuneration, unless you can ensure his investment in this new pte ltd company he will hold less than 25% onwnership interests, in which subsequently you may have an avenue to remove him or atleast reduce your company's exposure to him.
Re: BUSINESS PARTNER
SE makes a few good points and course of actions.
-
- Similar Topics
- Replies
- Views
- Last post
-
-
Looking for lady dance partner for serious practice
by yelwin » Thu, 14 Jun 2018 10:17 am » in Sports & Recreational Partners & Team - 0 Replies
- 1943 Views
-
Last post by yelwin
Thu, 14 Jun 2018 10:17 am
-
-
-
LF female dance partner
by newbieme » Sat, 14 Jul 2018 8:43 am » in Sports & Recreational Partners & Team - 0 Replies
- 2286 Views
-
Last post by newbieme
Sat, 14 Jul 2018 8:43 am
-
-
-
Looking for a Male Dance Partner
by britishblondie » Fri, 02 Nov 2018 6:35 pm » in Entertainment, Leisure & Sports - 0 Replies
- 2396 Views
-
Last post by britishblondie
Fri, 02 Nov 2018 6:35 pm
-
-
-
Success stories of your partner employment DH > LOC/EP / Advice needed
by MariaT » Tue, 11 Dec 2018 11:11 am » in Careers & Jobs in Singapore - 19 Replies
- 7382 Views
-
Last post by BBCDoc
Wed, 19 Dec 2018 8:18 am
-
-
-
DP for same sex partner
by jois1 » Sun, 10 Nov 2019 9:26 pm » in PR, Citizenship, Passes & Visas for Foreigners - 11 Replies
- 5460 Views
-
Last post by sundaymorningstaple
Tue, 09 Feb 2021 6:57 pm
-
Who is online
Users browsing this forum: No registered users and 1 guest