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TOPIC: Business Partnership takenover by partner daughter

Business Partnership takenover by partner daughter 2 years 3 months ago #17354

  • Michael
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Dear Attorney,
I would like to seek advice in regards to our business partnership.
First and foremost when we started the business I was still working for a company to pay the monthly payment on the capital investment that I contributed for the business that me and my partners have formed/put up, and also for my family needs and other liabilities. So we end up to having the daughter of my business partner as the manager she is the one who have the company cash.
On the first few months I was receiving a financial statements (5 Months), we started the business March 2016 to present. But on the succeeding months I was having a hard time receiving any and never received, and when I received one which was for the month of November 2016. I was surprised that the received financial statement was that the current Sales was at 1,228,627.08 meanwhile the total expenses was 1,543,654.33 incurring a loss of-315,027.25 which I immediately ask for confirmation & a meeting with the partners on what just had happened when the total amount of Liabilities were not even at 300,000.00 pesos and expenses (Direct & Indirect) were about at the same amount. I never received any explanation onto the matter when I tried to advance money during the month of December 2016 the daughter iterated by saying that if I would take an advance the partners will also take the same amount of advance, which I politely told her to file a budget proposal for the succeeding months to properly assess how much is the money and if each partners will take an advance how much will be the remaining money which can be used as budget for the succeeding months, which she eventually told me just to file a pullout from the business partnership and she would give me only the capital without profits. When i asked for my money on the business partnership i was able to get an advance from my share of 100,000.00 Pesos as part of the amount during my separation from the business partnership.
I could not even hold office on my business there was even one instance that I was at the office she was furious about me and she even was asking for somebody to call the barangay to evict me from the office and she was accusing me of doing things towards her. I was surprised and caught off guard as my partners are relatives of her one is her father and the other is her first degree cousin. I exited the premises asking god to where I would be able to receive justice on the current situation I am in up to this date I never receive any news update or any financial statements from the business, I loss my job after I was always trying to find somebody to help me on these dire situation. Please I need your help, I have nowhere to go I have no more money I am now trying to find a job here in the Philippines for my food and shelter. God bless You and your Family…
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