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.


Asked on 4/06/08, 1:53 pm

2 Answers from Attorneys
Mel Larew

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.

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Answered on 4/06/08, 1:59 pm
Alvin Lundgren Alvin R. Lundgren, L.C.

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.

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Answered on 4/07/08, 10:37 am


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