Q: Should I write a letter of demand first, or should I hire an attorney and sue the other party?
In October 2017, I signed a stock transfer agreement and I became a shareholder of a restaurant in Virginia.
In November 2019 I ended the agreement (verbally). My business partner (majority shareholder) and I sat down and we calculated what he owes me on a simple piece of paper. This portion of debt added up to $12,000.
On top of this debt, there was a personal debt (not related to the restaurant shares) in the amount of $4400. I also only have a simple piece of paper confirming it. Since then, in the period of almost three years, the above-mentioned person returned $3500 total. I have a copy of the shareholder agreement, messages, and audio recording confirming this debt.
A: You can do a letter or a lawsuit. You know your former business partner better than an attorney, so if you think the partner would be motivated o resolve if sent a letter then that's the way to go. If you think the partner would ignore the letter, then litigation is the way to go. I'm sure anyone who responds would be happy help if you decide o hire a firm. Good luck!
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