You find out your partner used the debit card to take cash from the business without talking to you. It’s your firm position that the partners should not take any money out of the business until the business is profitable. Your partner disagrees.
When it comes to problems in a partnership, you want to start by talking with an independent party with the experience to help you. You don’t start with lawyers.
The answer is YES under certain circumstances. If there are two equal partners in the LLC and one of them wants out, dissolving the LLC is an option.
No matter how small the amount, taking money without talking without mentioning it is serious because it breaks trust.
Two people show up in court fighting over the proceeds from the recent cash sale of their small business. Let’s call them Bob and Alice. There is no Partnership Agreement.
If you do not have a Partnership Agreement with Buy/Sell provisions, you are missing something that could protect you in the future. Don’t wait another day. Call me and get this done.