Legal Question in Business Law in Kentucky
Is this considered Theft?
Situation:
-Prior business relationship (partners, LLC).
-Partner left, turned over their % ownership.
-Through a clerical error the partner remained on the bank account.
-6 months passes with no contact from previous partner.
-Previous partner walks into bank and cleans the account out.
So the question is, with the previous partner having no legal ties to the company (as seen by the secretary of state) is it theft to take money/resources from the company even though an error left them with access to do so?
1 Answer from Attorneys
Re: Is this considered Theft?
Yep, sounds like theft to me. Good chance it would be theft even if he was still a member of the LLC. Need to take the matter to your Commonwealth Attorney and need to get your own attorney to review everything. You need to do this quickly because the bank may be on the hook for some of the loss.
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