Legal Question in Business Law in Georgia

my partner withdrew money from our joint line of credit and transferred into another llc company owned by him without my knowledge. Only one signature required to transfer per bank note. Is this criminal or civil?


Asked on 4/28/11, 2:30 pm

4 Answers from Attorneys

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Civil. Police will not usually interfere is there is a civil remedy, i.e. being able to sue him for breach of fiduciary duty, etc.

If you would like to discuss any issues further, please feel free to contact my office. The link to my contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 4/28/11, 2:33 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Civil.

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Answered on 4/28/11, 2:35 pm
Kevin B. Murphy Franchise Foundations, APC

As a Franchise Attorney I agree with the other attorney answers. It most likely will be civil, but you could contact the police and let them know what has happened. They may investigate and possibly file charges, or they may not. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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Answered on 4/29/11, 5:44 am
Paula McGill Paula McGill Attorney at Law

Yes, it is civil. Unfortunately, this happens more often than what it should. A two signature check for amounts over $x may have prevented this problem. Is the company a true partership or company where each of you own a percentage? If it is a corporation or LLC, the company or LLC could sue your "partner" and his LLC.

If you want to discuss your options further, I am available at (770)367-1234 or [email protected]. I've handled simlar cases like this before. The biggest problem with these cases is collecting the judgment.

ATLANTA OFFICE

10 Glenlake Parkway

Suite 130

Atlanta, GA 30328

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Answered on 4/30/11, 8:32 am


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