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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11747
Experience:  30 years as a practising solicitor.
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My partner wants to change the capital accounts in the last

Resolved Question:

My partner wants to change the capital accounts in the last partnership accounts to 31 Dec 2012, without my agreement. He has gone back to 2006 to recalculate the capital accounts and has increased his by £10,000 whilst reducing mine by £7,000. My partner runs his own bookkeeping practice and assumes control of the partnership finances, including the preparation of accounts. This is a Scottish partnership, and the only partnership agreement is from 2002 when there were three partners with a very different profit share. I thought that accounts, once deemed approved by both partners, couldn't be changes retrospectively without agreement of both partners.
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

The partnership agreement. Normally provides a mechanism for approving accounts failing which they are deemed approved. What does your agreement day about this? The fact that there were three partners and the profits have now changed doesn't make the written agreement invalid as far as something like this is concerned.

Happy to discuss further.

I hope this helps. Please leave a positive response so that I am credited for my time.
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