Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,824 members, 7,810,167 topics. Date: Friday, 26 April 2024 at 10:21 PM

Please Help ! My Elder Brother Is Kicking Me Out Of Our Business - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Please Help ! My Elder Brother Is Kicking Me Out Of Our Business (666 Views)

Young Trader Is Kicking Off His $120k Business / My Cousin Sister Stole 200k From Our Business And We Want To Do This / Obi Cubana Shows Off His Elder Brothers (Video, Pictures) (2) (3) (4)

(1) (Reply) (Go Down)

Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by concho(m): 8:22pm On Sep 03, 2021
Someone Should a advise me please .

To make the story Short ,
My elder brother was jobless for two straight years after Uni ( 2018 to 2020 )
It was a big worry to me as I needed him to land a job in order to start supporting the family .

Late 2020, He told me about a business that he wants to start and asked me to be his partner .
I contributed 500k and 700k to the business while he added close to 500k (non was documented )

We registered the business under our names as a limited liability company without an agreement (unless he made an agreement behind me ) .

The Issue now !!
It is one year plus now and I have not gotten a dime (ROI ) or any benefit from the business as he is the one that runs the businesses .
The business has a large customer base now, yet he claims that their is no money even when I asked him to borrow me money from the business .

Today, I told him that I have an event coming up and I would need 300k to add to the money I already have and would return the money by 27th of this month . He told me pump and play that he does not have money .

Please friends , How do I go about dissolving the Limited liability company and getting my name out of the business entirely ?
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by Romanoff(f): 8:35pm On Sep 03, 2021
Team "blood is thicker than water", over to you o.

2 Likes

Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by Outstanding1(m): 8:38pm On Sep 03, 2021
Take legal action.
But before that, try and access the company's financial records.
Come to think of it, who have access to the business account?
And also, the business is in growth stage, please don't mimic the money.
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by descarado: 8:39pm On Sep 03, 2021
Romanoff:
Team "blood is thicker than water", over to you o.
Gosh.
Can never believe something as stupid as that even as a kid.
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by Romanoff(f): 8:39pm On Sep 03, 2021
descarado:

Gosh.
Can never believe something as stupid as that even as a kid.

There are shitty siblings out there.
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by famouscargo4u: 8:52pm On Sep 03, 2021
concho:
Someone Should a advise me please .

To make the story Short ,
My elder brother was jobless for two straight years after Uni ( 2018 to 2020 )
It was a big worry to me as I needed him to land a job in order to start supporting the family .

Late 2020, He told me about a business that he wants to start and asked me to be his partner .
I contributed 500k and 700k to the business while he added close to 500k (non was documented )

We registered the business under our names as a limited liability company without an agreement (unless he made an agreement behind me ) .

The Issue now !!
It is one year plus now and I have not gotten a dime (ROI ) or any benefit from the business as he is the one that runs the businesses .
The business has a large customer base now, yet he claims that their is no money even when I asked him to borrow me money from the business .

Today, I told him that I have an event coming up and I would need 300k to add to the money I already have and would return the money by 27th of this month . He told me pump and play that he does not have money .

Please friends , How do I go about dissolving the Limited liability company and getting my name out of the business entirely ?

Since the company was registered in your names, that means you are one of the directors of the company. You have a claim. Have you seen form CAC2 and CAC7 of the company registration. Look for it and know the shares allocated to you in the company. You are part owner of the company and can claim any income accruing to the company.

Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by concho(m): 9:05pm On Sep 03, 2021
[quote author=famouscargo4u post=105464512][/quote]
Thanks a lot
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by Pk01(m): 9:25pm On Sep 03, 2021
concho:
Someone Should a advise me please .

To make the story Short ,
My elder brother was jobless for two straight years after Uni ( 2018 to 2020 )
It was a big worry to me as I needed him to land a job in order to start supporting the family .

Late 2020, He told me about a business that he wants to start and asked me to be his partner .
I contributed 500k and 700k to the business while he added close to 500k (non was documented )

We registered the business under our names as a limited liability company without an agreement (unless he made an agreement behind me ) .

The Issue now !!
It is one year plus now and I have not gotten a dime (ROI ) or any benefit from the business as he is the one that runs the businesses .
The business has a large customer base now, yet he claims that their is no money even when I asked him to borrow me money from the business .

Today, I told him that I have an event coming up and I would need 300k to add to the money I already have and would return the money by 27th of this month . He told me pump and play that he does not have money .

Please friends , How do I go about dissolving the Limited liability company and getting my name out of the business entirely ?



please don't fight ur brother.. If you do so you will regret it later.. Just move on and hustle hard.. Karma will catch up with him..

Forget the business and start urs small and grow big...

1 Like

Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by Born2conquer: 4:01am On Sep 04, 2021
You started a business with him and you do not kmow how the business is running? You do not have access to how you’ve been making profits? You are not a co signature to company’s account? Then what are you then??

1 Like

Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by Nobody: 9:38am On Sep 04, 2021
Romanoff:
Team "blood is thicker than water", over to you o.
i swear , that statement is stupid
I prefer doing things with outsiders than family members
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by Mood11: 11:28am On Sep 04, 2021
Brothers betray Brothers.

Friends betray friends.

Strangers betray strangers.

Such is life. Forget about the business and move on so that peace will reign.
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by OGWILLS123: 1:45pm On Sep 04, 2021
concho:
Someone Should a advise me please .

To make the story Short ,
My elder brother was jobless for two straight years after Uni ( 2018 to 2020 )
It was a big worry to me as I needed him to land a job in order to start supporting the family .

Late 2020, He told me about a business that he wants to start and asked me to be his partner .
I contributed 500k and 700k to the business while he added close to 500k (non was documented )

We registered the business under our names as a limited liability company without an agreement (unless he made an agreement behind me ) .

The Issue now !!
It is one year plus now and I have not gotten a dime (ROI ) or any benefit from the business as he is the one that runs the businesses .
The business has a large customer base now, yet he claims that their is no money even when I asked him to borrow me money from the business .

Today, I told him that I have an event coming up and I would need 300k to add to the money I already have and would return the money by 27th of this month . He told me pump and play that he does not have money .

Please friends , How do I go about dissolving the Limited liability company and getting my name out of the business entirely ?




You are a very greedy man angry, How do you expect
business of a year plus to start yelling you profit even if
it has a large customer base.

Profit made from early start up most be reinvested back
to grow the company.

and secondly how do you expect him to borrow you 300k
from a business that was funded with 1.2 mill .

Advice for young entrepreneur: The worse think that can
to your business or company is starting it with a wrong partner. Your problem in business is not competition, is not
your goods, it is your partner and employees.
It is always good to have another source of income when
starting a business or company, Steve jobs the founder of apple was earning 1 dollar a year even when is company was worth over $500 million.
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by DigitalyYours: 4:58pm On Sep 04, 2021
OGWILLS123:


You are a very greedy man angry,

He's a greedy man and still helped his brother in time of need without any agreement?

Even if his elder bros can't afford the 300k he asked he can atleast help him with what he has, instead of turning him down.

It's too bad!
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by concho(m): 5:54pm On Sep 04, 2021
Greedy man , lol

Anyways , The company is a financial service and runs like micro finance bank . We even loan out money to people . People in so many markets saves money on daily bases with us . He can loan out 3m if he want . We only get to give people their money during xmass period

OGWILLS123:


You are a very greedy man angry, How do you expect
business of a year plus to start yelling you profit even if
it has a large customer base.

Profit made from early start up most be reinvested back
to grow the company.

and secondly how do you expect him to borrow you 300k
from a business that was funded with 1.2 mill .

Advice for young entrepreneur: The worse think that can
to your business or company is starting it with a wrong partner. Your problem in business is not competition, is not
your goods, it is your partner and employees.
It is always good to have another source of income when
starting a business or company, Steve jobs the founder of apple was earning 1 dollar a year even when is company was worth over $500 million.
Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by eliok(m): 6:02pm On Sep 04, 2021
My friend , please for peace of mind sake, forget the money especially if he is married.

Now to be honest, I would have said fight him or take him to court, but again it will breed bad blood.


Mistake made was
1. No documentation

2. Over trusting with money

3. Adding emotion

What you could have done?

1. Document everything

2. Give only what you can forgo

3. Don't ever do business on the basis of brothership.


Quote:
The strongest human is he who can forgive or forgo a hurt.

When there is life , there is hope
concho:
Someone Should a advise me please .

To make the story Short ,
My elder brother was jobless for two straight years after Uni ( 2018 to 2020 )
It was a big worry to me as I needed him to land a job in order to start supporting the family .

Late 2020, He told me about a business that he wants to start and asked me to be his partner .
I contributed 500k and 700k to the business while he added close to 500k (non was documented )

We registered the business under our names as a limited liability company without an agreement (unless he made an agreement behind me ) .

The Issue now !!
It is one year plus now and I have not gotten a dime (ROI ) or any benefit from the business as he is the one that runs the businesses .
The business has a large customer base now, yet he claims that their is no money even when I asked him to borrow me money from the business .

Today, I told him that I have an event coming up and I would need 300k to add to the money I already have and would return the money by 27th of this month . He told me pump and play that he does not have money .

Please friends , How do I go about dissolving the Limited liability company and getting my name out of the business entirely ?



Re: Please Help ! My Elder Brother Is Kicking Me Out Of Our Business by OGWILLS123: 6:09pm On Sep 04, 2021
concho:
Greedy man , lol

Anyways , The company is a financial service and runs like micro finance bank . We even loan out money to people . People in so many markets saves money on daily bases with us . He can loan out 3m if he want . We only get to give people their money during xmass period


OK, next time don't make a business deal with anyone
without ur lawyer even if is your mother undecided.

(1) (Reply)

How To Access Loan Of Up 10m Naira With No Collaterals At Zero Interest Rate / Quality Vintage Shirt / Why Palm Oil Is The Best Business You Should Be Invested With

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 44
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.