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BUSINESS PARTNER

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jo555
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BUSINESS PARTNER

Postby jo555 » Mon, 29 Jun 2015 11:13 am

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..

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Strong Eagle
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Re: BUSINESS PARTNER

Postby Strong Eagle » Mon, 29 Jun 2015 12:07 pm

Find a couple of Thai guys on a motorbike... drive by... beat the crap out of him... instantly he reforms.

livingontheedge
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Re: BUSINESS PARTNER

Postby livingontheedge » Mon, 29 Jun 2015 1:23 pm

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.

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ecureilx
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Re: RE: Re: BUSINESS PARTNER

Postby ecureilx » Mon, 29 Jun 2015 3:23 pm

Strong Eagle wrote:Find a couple of Thai guys on a motorbike... drive by... beat the crap out of him... instantly he reforms.

The latest is Myanmar rental strong men, if you follow the latest local news. .

jo555
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Re: BUSINESS PARTNER

Postby jo555 » Mon, 29 Jun 2015 5:09 pm

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.

livingontheedge
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Re: BUSINESS PARTNER

Postby livingontheedge » Mon, 29 Jun 2015 9:19 pm

Yours is a sole propeitor or pte ltd?

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Re: BUSINESS PARTNER

Postby jo555 » Wed, 01 Jul 2015 2:08 pm

we are sole properiter... we have the intention to convert to pte ltd next year if all goes well.

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Strong Eagle
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Re: BUSINESS PARTNER

Postby Strong Eagle » Wed, 01 Jul 2015 8:44 pm

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.

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Re: BUSINESS PARTNER

Postby justsee01 » Fri, 03 Jul 2015 3:41 pm

I concur with SE.
I do hope you had written agreements in place that lay down how everything works.


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livingontheedge
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Re: BUSINESS PARTNER

Postby livingontheedge » Fri, 03 Jul 2015 6:19 pm

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.

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Re: BUSINESS PARTNER

Postby skinl8 » Thu, 20 Aug 2015 9:37 pm

SE makes a few good points and course of actions.


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