Legal Question in Business Law in Utah
partner using company funds improperly
What can I do if I suspect a partner is using company funds improperly for personal purchases? He has been unwilling to allow me to view credit card statements stating that since he has 80% ownership that he doesn't need to reveal that info. This directly affects the profits that should come to me.
2 Answers from Attorneys
Re: partner using company funds improperly
He is wrong. This being a legal forum, your "legal" option is to sue for an accounting and injunction to prevent him from restraining access to company financial information.
Re: partner using company funds improperly
File suit for an accounting. I have another similar case, and when partners fail to live up to their fiscal responsibilities the offended partner has the right to sue for an accounting, and the defaulting partner must pay for the cost of defense out of his own pocket.
Related Questions & Answers
-
Financial Disclosures in Business I am in a business partnership (our company is... Asked 4/06/08, 12:19 pm in United States Utah Business Law
-
Non compete clause Several years ago I joined a MLM and spent lots of time and money... Asked 3/30/08, 11:53 am in United States Utah Business Law
-
Copyright Laws My mother would like to start a scrabooking site offering material... Asked 3/29/08, 1:39 pm in United States Utah Business Law
-
Fiduciary duty I have an ex employee who copied a cofidential list and sold it to... Asked 3/29/08, 1:18 pm in United States Utah Business Law
-
Closely held corporation My brother and I had a corporation for 5 years together. He... Asked 3/24/08, 3:42 pm in United States Utah Business Law