Legal Question in Business Law in New York
business partner problem
If I find out that my partner used money from another society that he belongs to, I do not, without the society knowing, what would my exposure and the business be in if he was turned in???????
Asked on 1/21/07, 5:08 pm
1 Answer from Attorneys
Mark S. Moroknek
Kelly & Curtis, PLLC.
Re: business partner problem
General partners are jointly liable
for the acts of the partnership but if your partner acted without the knowledge of the partnership, behind your back, and did this personally, not for the partnership, it would be an ultra vires act, beyond the scope of the business relationship.
If he used the moey for a partnership debt you might have some liabilty.
Answered on 1/21/07, 5:51 pm
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