Legal Question in Business Law in Florida
distributions in a corporation
In a 50-50 partnership can one partner take a distribution for a previous month when the two partners have not been paid in 3 months because there hasn't been enough money to pay them on payroll
Asked on 9/20/08, 9:41 am
2 Answers from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: distributions in a corporation
It depends on what the partnership agreement is.
Answered on 9/20/08, 10:07 am
William Gwaltney
William W. Gwaltney, Attorneys at Law
Re: distributions in a corporation
Distributions are controlled by your partnership agreement. You should review them carefully to determine whether a distribution can be taken.
Answered on 9/20/08, 10:15 am
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