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Fraud With Business Partner In Bronx
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State:
Multi-State
County:
Bronx
Control #:
US-000289
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FAQ
If your business partner committed fraud, you may be entitled to take legal action and recover losses sustained as a result of the partner's actions. The first action that should be taken is to give notice that you are aware of what looks like fraud.
You may have grounds to sue your former partner for breach of fiduciary duty, negligence, or abandonment, especially if his actions harmed the business financially or operationally. Consulting a business attorney would be wise to explore these options.
Technically and legally, you can't kick him out of the company unless your operating agreement allows you to do so. The interest in the business is personal property and you can't take it without their consent.
The Statute of Frauds, codified in Section 5-701 of the New York General Obligations Law mandates that certain types of contracts be in writing to be enforceable, including agreements that cannot be fully performed within one year from the date of formation.
The two basic types of fraud are criminal and civil. Criminal fraud involves a case where this is enough evidence to take the case to court. The defendant must be proven guilty beyond a reasonable doubt. Civil fraud tends to be private action where the evidence must prove it's more likely than not that fraud occurred.
Learn more about common fraud schemes that target consumers, including identity theft, non-delivery scams, online car buying scams, and theft of ATM/debit and credit cards.
Under New York law, the five elements of a fraud claim must be shown by clear and convincing evidence: (1) a material misrepresentation or omission of fact (2) made by defendant with knowledge of its falsity (3) and intent to defraud; (4) reasonable reliance on the part of the plaintiff; and (5) resulting damage to the ...
In these cases, you could sue for breach of fiduciary duty and seek damages for the harm caused by your partner's actions. If successful in court, you may be entitled to various remedies, including: Granting access to the business or financial records. Forcing a buy-out of your share in the partnership.
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