Many people who call me find themselves in the frustrating position of not having any “power” in their failing partnership. There are two options.
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.
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.
Is your business partner in charge of the books? What if he doesn’t pay the taxes? You bear equal responsibility whether you know what’s going on or not.
Is it legal for your partner to lock you out of your business? Maybe. But, even if legally possible, they had better have a very good reason or things could go very wrong for them.