[NV] [NV] How do I dissolve an investment contract with a company that took my money but never started the business?
It was an investment contract that made me a silent partner. I invested a certain amount of money that gave me a percentage of the profits and a guarantee on the return of my investment. The owners of the business never started the business.
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If it has no arbitration clause, you would not be able to force arbitration. You could however request it as a more simplified method of dispute resolution. That would be done with a written request to the other company members.
If you wish to file suit, the complaint and summons are filed in your county court, and then served to the registered agent.
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Hello, I need help with the dissolution of a business contract.
I understand you need assistance with dissolving a business contract. Have you already taken any steps to address these issues on your own?
No.
Could you please provide more details about the business contract you are looking to dissolve?
It was more of an investment contract that made me a silent partner. I invested a certain amount of money that gave me a percentage of the profits and a guarantee on the return of my investment. The owners of the business never started the business.
Is there anything else the Lawyer should know before I connect you? Rest assured they'll be able to help with investment contract dissolution.
No.
Hi there! My name is Liz and I’ve been an attorney for more than a decade, and I am here to assist with your legal concerns. So I can best help, does the contract have a dissolution clause?
Yes.
Thank you for clarifying that. Have you requested to enact the clause?
It states that “if a dissolution event occurs before this Agreement is terminated by Investor and Company, the Company will pay Investor an amount equal to the original Investment Amount that the Investor has deposited in the company less any money paid to investor by way of initial return on investment or return and any percentage of profits paid to date. Investor shall not have the right to payment based on physical assets of the Company.”
And yes I requested a return of my investment.
Perfect, has the company denied you the return of investment? If that were to occur, it can become a breach of contract which would allow you to file suit.
They have not returned the investment. They sent a dissolution agreement in which I requested changes to. After that they sent over a notification asking me if I wanted to remain as an investor or if I wanted a dissolution. I did not respond to that (at that time) because I had already clarified that a dissolution was fine with me, in an earlier communication. But have since advised them that a dissolution is what I wanted.
They should then come back with a dissolution agreement that includes your investment. The contract does guarantee you the right to recoup your investment. So you could seek arbitration or filing suit.
How would I go about either of these options?
Does the contract have any arbitration clause?
No.
Is there a severability clause?
Yes.
If it has no arbitration clause, you would not be able to force arbitration. You could however request it as a more simplified method of dispute resolution. That would be done with a written request to the other company members.
If you wish to file suit, the complaint and summons are filed in your county court, and then served to the registered agent.
I am in one state and they are in another. How would that work, and can it be done in a small claims court?
What state is the company in?
Las Vegas, Nevada. I relocated to LA.
Is your investment more than $10,000?
It was $10,000.
Since it was $10,000, as long as you don't want more than that, you could use Nevada small claims.
Thank you.
Elizabeth
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