Business Partnership Advisor

Together, we can fix your business and partnership problems

Chris Reich, Business Luminary

Can Your Business Partner Take You Off The Bank Accounts?

You just found out that your partner took you off of the business bank account! Can he do that? It depends…

Your Business Partner Can Remove You From the Business Bank Account

That doesn’t seem right. If two people are equal partners on a business account how can you be removed? Why would the bank do that on his word without talking with you? Because there are two ways for you to be on that account. If it is a joint account, he can’t remove you without a court order of some kind. If you are an authorized user on the account, and your partner is the account holder representing the business, you can be removed.

Bank Lockout by Business Partner- Chris Reich

If you are not a joint account holder, you need to change that or open a new bank account for your partnership.

Chris Reich, Business Partnership Advice

Get a Joint Account

If you are in a business partnership, call your bank and find out if you have a joint account. If you are “on” the account but it’s not a joint account, change it. I can’t stress how important this is.

If you are a “signer” on the account, that means you are an authorized user. You can add, or take money. Your partner, however, has the ability to remove you from the account. Things may be great with your partnership today, but that could be very different tomorrow.

Are You Setting Up a New Partnership? Make Sure You Open a Joint Account.

 

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“Please find out if you are an authorized signer on your bank account or if it is a joint account. Trouble with your partnership? Contact me. It’s what I do. Chris Reich”

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Email: [email protected]

Phone: (530) 467-5690

Image about succession planning showing father and son in business.

Succession Planning in Family Business

Let’s look at how to plan for the next generation of your family to run your business. It’s never too early to make a succession plan and the earlier you start, the more options you have.

You can get out of a business partnership if you planned ahead with a solid Partnership Agreement.

How to Escape Your Business Partnership

How do I get out of my partnership? And, it’s the biggest reason I am always ranting about having a Partnership Agreement. Without a Partnership Agreement, your options are very limited. You accept anything your partner is willing to give you, or you can dissolve the business.

Take the proper steps to protect the money you invest to start your new business partnership.

Don’t Risk the Money You Put Into Your Partnership

Somebody puts up money with someone who agrees to contribute labor as their contribution to an equal Partnership. Once things are set up, and a lot of money is spent, the other Partner fails to perform, and the troubles begin. I get 2-3 calls like this every week.

Your partner may take money from the business whenever they wish to do so. A Partnership Agreement could protect you.

Your Business Partner Keeps Taking Money from the Bank Account

Partners take advantage of partners every day and they get away with it. It is the most painful call I get. It sounds like this, “I put all the money I had into starting our business. My partner had bad credit and no money, but he promised to do all the work to get the business going.