Q: I signed a partnership agreement to start a new company. How do I back out before it gets started?
I signed a agreement to start a company. Nothing has been filed/registered/, the business does not yet exist. How do I back out of the agreement? I no longer have the financial assets to start one. My “partner” claims he signed the agreement thinking it was an already existing company. However we talked about it several times and he signed the agreement under the name of the business we had not yet created. Should I be worried about any legal action towards me?
A: Honestly? Anytime a person engages in drafting their own legal documents without the aid of an experienced attorney, that person has made a mistake. You should meet with a business attorney now to see what, if anything, you are now facing that will be harmful to you and whether it can be prevented.
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