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I invested money in a Company but cannot get a financial statement. Can I put a lien on assets?

I invested money in a Company but cannot get a financial statement. Can I put a lien on assets?

Q: What happens if there is no agreement in a partnership?

Without a partnership agreement, partners may face challenges in decision-making and profit-sharing. State laws will generally govern the partnership, which may not reflect the partners' intentions. Disputes may arise more easily, potentially leading to legal action to resolve conflicts or to dissolve the partnership.

Q: Can a Canadian citizen own a business in the USA?

Yes, a Canadian citizen can own a business in the U.S. They must comply with U.S. immigration laws, which may require obtaining a visa. Ownership structures, such as LLCs or corporations, can be established, but it is important to understand the legal and tax implications of operating a business in the U.S.

Q: Do you have to be a Canadian citizen to own a business in Canada?

No, you do not have to be a Canadian citizen to own a business in Canada. Non-residents can establish and operate businesses, but they may face specific regulatory requirements and tax obligations. It is essential to understand the legal framework and potential restrictions on foreign ownership.

Full question:

I invested in a (so called) business in the US. I am Canadian and I physically met this person in California. He drafted a contract of which we both signed. There has been much communication between the 2 of us in the past regarding business transactions and such. I asked for financial statements with regards to the business and as of now I have not received a single one. I have all the documentation and emails that have were exchanged between us. Is it possible to put a lien on his property or bank account so I can retrieve my money?

Category: Small Business
Date: 04/07/2025
State: California

Answer:

You need to refer to the investment agreement and if you became an owner to the Corporate or LLC papers such as by-laws or operating agreement. As far as a lien is concerned you would not have a right to file a lien until you filed suit and obtained a Judgment unless your agreement provided otherwise.

As an owner you can compel an accounting.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens if business partners cannot agree?

If business partners cannot agree, it may lead to disputes that can disrupt operations. Typically, partners should refer to their partnership agreement for resolution procedures. If no agreement exists, partners may need to negotiate or seek mediation. If disagreements persist, legal action could be necessary, including dissolution of the partnership or seeking a court order for specific actions.

What happens if there is no agreement in a partnership?

Do Canadian businesses have to pay US taxes?

Yes, Canadian businesses operating in the U.S. may be subject to U.S. taxes on income earned within the country. They must comply with federal and state tax laws, which may include filing tax returns. The Canada-U.S. Tax Treaty may provide some relief from double taxation, but it is advisable to consult a tax professional for specific obligations.

Can a Canadian citizen own a business in the USA?

Do you have to be a Canadian citizen to own a business in Canada?

What happens when business partners disagree?

When business partners disagree, it can lead to conflicts that may affect the business's operations. Partners should first attempt to resolve the issue through discussion or mediation. If unresolved, they may need to refer to their partnership agreement or seek legal advice. In extreme cases, legal action may be necessary to enforce rights or dissolve the partnership.