50/50 business with a thai partner.

[pumpjack]

        small business with thai partner,     we signed contract ,       i have photos of contract ( no hard copy )   photos of us with the contract and money i paid,    only 100.000 baht  .       money promised back has not been that much and business is very slow.       the contract agreement  was if i wanted to withdraw within first 6 months and business was not good then i get refunded ,   so im now having second thoughts .    i have not been swindled ( as yet anyway )   but what if they dug their heels in and did not want to pay me back . 

 

what are the legalities and should a lawyer help or even a cop  for a fee ? 

[cornishcarlos]

Think you just lost 100k !!!

 

 

[pumpjack]

" Think you just lost 100k !!! "   maybe , maybe not.      need to play it carefull .   i think someone with a bit of influence might take a backhander. 

 

then again its one of those lessons in life .       and at least i did not invest the 500k  as i was going to do. 

[uthaithanirules]

Why does anyone ever think this is a good idea?

[pumpjack]

because i paid money over acting  on my emotions instead of being rational.   i am impulsive also and my impulsive behavior has often been the cause of my downfall.

 

 

[cornishcarlos]

2 hours ago, uthaithanirules said:

Why does anyone ever think this is a good idea?

 

 

Because sometimes it is a good idea...

Not everyone gets ripped off in Thailand!!

[pgrahmm]

What floor do you live on?

[Scotwight]

I don't know why you are worried.  Literally hundreds of smart Farang get involved in companies with 51% Thai ownership for the purpose of circumventing the law and buying land and never have any trouble.  

[stupidfarang]

When ever money is involved (no matter what country you are in) it can be a problem. Maybe worth writing the 100,000 off, wait and see if they pay the money back over time, if things are slow then they most likely do not have the money to pay you back just now anyway (as they had to borrow in the first place). Remember people do not want to loose face here and it is easy for accidents to happen here.

[NickJ]

What's the business? Trying to chase down that sum legally could cost more than its worth. Even trying to use influence can backfire. After the shenanigans last week. Things may even get a little slower. Just keep tabs on it. 

[BudRight]

7 hours ago, Scotwight said:

I don't know why you are worried.  Literally hundreds of smart Farang get involved in companies with 51% Thai ownership for the purpose of circumventing the law and buying land and never have any trouble.  

Never is a long time.

[Asiantravel]

 

18 hours ago, Scotwight said:

I don't know why you are worried.  Literally hundreds of smart Farang get involved in companies with 51% Thai ownership for the purpose of circumventing the law and buying land and never have any trouble.  

 

but that could be just down to the fact not many of the " hundreds of smart Farang  "  have needed so far to put the person with the 51% Thai ownership to the test?

Edited August 21, 2016 by Asiantravel