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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3772
Experience:  Solicitors 2 years plus PQE
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I am a equal partner in a buisness but my buisness

Resolved Question:

I am a equal partner in a buisness but my buisness partner(father)has been putting money into a private pension pot and various isa accounts without my knowledge . Is this legal?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Is this a limited company? Kind regards AJ

Customer: replied 1 year ago.
No it isnt.
Kind regards ian
Expert:  Alex J. replied 1 year ago.

Hi, Thank you - is it a partnership? Whos name is ***** ***** account in?

Customer: replied 1 year ago.
It is a partnership and both names are ***** ***** buisness account.
Regards ian
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. Technically this is now a debt that he owes to the partnership, and you could sue him for it. Going forward can you work with him? Do you want to dissolve the partnership?

Customer: replied 1 year ago.
Hi to be honest im undecided what to do next. I didnt want to believe that my father would do that to me. I have been to the bank to get all the bank statements for the account to get all the proof i need but i wanted to try and keep things as amicable as possible. If it comes to dissolving the partership what do i legally need to do?
Many thanks ian
Customer: replied 1 year ago.
Hi ii havent had a response to my last question or rated your advice?
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. My apologies for the delay. Does the partnership have any creditors? It is straight forward to dissolve a partnership, you tell the other partner you want to dissolve it then pay off all the creditors sell the assets and return each partners capital or accrued capital. In doing this you could agree with the other partner that his share is less the money he has appropriated. Could you carry on this business alone? Kind regards AJ

Customer: replied 1 year ago.
Hi there isnt much money owed all jobs have been finished and been paid. As regards ***** ***** it on my own its something im looking at. Thanks for your help
Warm regards ian
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. Initially you need to discuss with him what he proposing doing about this. If the situation cannot resolved you will have to consider dissolving the partnership. Can I assist any further? Kind regards AJ

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