Legal Question in Banking Law in Utah
business 50/50 partner cashed business checks at check cashing store then kept cash.
Asked on 5/24/11, 6:01 am
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Hopefully you have a partnership agreement that would cover this. If not, your partner has a fiduciary responsibility to the partnership to account for all partnership business. If the partner will not account or reimburse the business account, you can dissolve the partnership. The amount he wrongfully took can be offset in the settlement.
Answered on 5/24/11, 8:50 am
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