Being sued by Business Partner for failed business venture

[Aresendes]

Need some advice. I and my business partner went in on venture together, he provided the capital for the business. I ran an operated it and made the decisions. Well to make it short, I failed and could not make it work. Now I am being sued for the loss capital. What are my options?I do not have the monies to cover his losses or even a plan on how to get it. Do I have any options at all or am I screwed?

[jjgross]

Originally Posted by Aresendes

Need some advice. I and my business partner went in on venture together, he provided the capital for the business. I ran an operated it and made the decisions. Well to make it short, I failed and could not make it work. Now I am being sued for the loss capital. What are my options?I do not have the monies to cover his losses or even a plan on how to get it. Do I have any options at all or am I screwed?

On what grounds is he suing you on,business fail every day that doesn't make the general manager responsible for a lost investment.Maybe he under funded it,I would get a attorney or consult with one.If money is not accounted for that's a different story!