Ask a Law Question, Get an Answer ASAP!
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Is this a limited company? Kind regards AJ
Hi, Thank you - is it a partnership? Whos name is ***** ***** account in?
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?
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
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