Augusta, GA asked in Business Formation, Business Law, Civil Litigation and Contracts for Georgia

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?

1 Lawyer Answer
Michael D. Birchmore
PREMIUM
Michael D. Birchmore
Answered
  • Lawrenceville, GA
  • Licensed in Georgia

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.