He claims his dad owns our business
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| Mon, 10-31-2005 - 8:41am |
Here's the dilemma: STBX & I own a self-storage building. FIL co-signed a loan for us because we didn't qualify for an extra $50K on the loan. Now STBX is claiming that his dad owns part (3/4) of our business. STBX is at the business every day, while I do the invoices, payments ads, etc., from home (I actually do more work than he does, but I don't see any money from it). FIL has had no say in the operation of the business, and this is news to me that he suddenly owns 3/4 of our business. All I can recall is that FIL suggested the idea to STBX that we build a storage facility, as it is a good investment.
STBX is complaining that I am sending him various bills as they come in, such as the cable bill, car insurance, etc. Here is our exchange today:
STBX: "Why did you give me the car insurance bill?"
I said, "Well, how am I going to get the money to pay for that? I'm not receiving 1/2 of the income from the storage."
STBX: "Well, my dad owns 3/4 of the storage."
I said, "no he doesn't."
STBX: "Yes he does. He owns 3/4 of the business."
I said, "Has he sent any of the invoices out? I have to disagree with you on that, Bob, just because he loaned money, doesn't mean he owns the business. My mom lent us the money to buy the storage software, does she own part of the business?"
STBX: "No, because I paid her back."
So, I called my lawyer, and she said that FIL doesn't own the business, it's me and STBX. AND he could be in contempt because he hasn't gotten the discoveries in yet. They were due 2 months ago. IF FIL does own part of the business, then STBX needs to show papers. That would have to be shown in the discoveries. As far as I know, all FIL did was co-sign the loan for us, for the sole reason that we didn't qualify for $50K more on the loan we wanted. If he is the owner, which he isn't, then I want back pay for the last 3 years.
I just think STBX is trying to screw me out of my rightful 1/2 of the business.
EDIT: Now that I think of it, STBX keeps changing the percentage that has father "owns". A month ago, it was 1/4, then it was another number, now it is 3/4. Sometimes, it's a "silent partner". I wish he'd get his facts straight. What is he trying to hide?
Edited 10/31/2005 10:15 am ET by susieyippin

Well, the determining factor would be.... does FIL get any money from the business?
Karen ~ wildlucky4me ~
Did you say that FIL co-signed on a loan? 'Cause that's completely different from loaning you money. It's completely different from investing in the business. When he co-signs, he gives up nothing, loses nothing, and is basically completely un-involved unless or until you and your husband fail to make your loan payments.
You do the invoicing? Do you keep the books? If so, you will know whether FIL actually invested anything, right? And if FIL were a part-owner, he would not only receive some of the profits, but he would get a tax form showing those profits, and have to file it with his yearly taxes.
Hmmm.... I do the invoices, yes. STBX receives the payments, and he gives that info to the acountant. FIL has never given any input as far as HOW we run the business, ads, NOTHING to indicate that he is a part owner, or even CARES how it is run (at least, he's never said one word to ME about it). I do all the invoice mailings, put that info into the computer, and create the ads, yet according to STBX, I'm not entitled to 1/2 of the income from the storage business.
I'm 99% sure about the co-signing of the loan. As far as FIL giving STBX money-- I've been kept in the dark about all that, and in the past when I've asked STBX about financial issues, he gets huffy and tells me I don't know what I'm talking about. He's done a pretty good job of snowing me, I guess. STBX tells me all sorts of conflicting statements, from his father has 200K into the business, to his father co-signed, to his father owns XTZ% of the business. I guess the person who would REALLY know is our accountant.
Until last fall, I was not even listed on the checking account for the business. A friend had urged me to do this, because if something happened to STBX and our kids and I needed to access the money, we wouldn't be able to. STBX doesn't show me the check register. He takes it to the accountant. Once in a while I take the check register to the accountant, but STBX has it in a sealed envelope, wrapped in packing tape when I take it.
Edited 10/31/2005 3:14 pm ET by susieyippin