Business Partner Disappeared

Summary

In Connecticut, partners are expected to share equally in profits and losses if no agreement is in place. Consider seeking legal advice or mediation to resolve the issue. Contact the Connecticut Judicial Branch Court Service Center for assistance.

Full Conversation

I have a business partner that has disappeared. I signed a contract with a basketball league with him as partners. I opened a city name for the basketball team and I opened a bank account for the business. My partner is not contributing with money to the team, what should I do.
What is the specific agreement in your partnership contract regarding financial contributions and responsibilities?
We have no agreement on that
What state is your business registered in? Different states have different laws regarding business partnerships.
Connecticut
What actions have you taken so far to address this issue with your partner?

In Connecticut, if no agreement is in place, partners are expected to share equally in profits and losses.
I spoke to him on the phone
What was your partner's response when you spoke to him on the phone?

In Connecticut, partners are expected to share equally in profits and losses if no agreement is in place.
He said he would be a part of the team but he still did not give me a dollar
Have you considered seeking legal advice or mediation to resolve this issue? In Connecticut, you can contact the Connecticut Judicial Branch Court Service Center for assistance.
No
Would you like me to provide you with the contact details for the Connecticut Judicial Branch Court Service Center?
Yes
The Connecticut Judicial Branch Court Service Center can be reached at (*) *-*. They are located at * Washington St, Hartford, CT *.
Thank you
You're welcome! If you have any more questions or need further assistance, feel free to ask.
Can you use the words party * and prevailing part in an exit agreement
Yes, you can use "Party *" and "Prevailing Party" in an exit agreement. It's common to define parties and terms in legal documents.
Do you have to use a word or number for party *
No, you don't have to use a word or number for Party *. You can use any designation that clearly identifies the parties involved.