California  |  Business Law

Legal Question

Asked on: 1/08/10, 7:18 am

I am a 50% partner in an LLC. My partner has breeched his fiduciary duty and used company loan money for his personal use. He has admittly defaulted on several company and personal loans. I am concerned with my liability for his misappropriation of funds and excecutive misconduct. I am aware now that multiple law suits are being brought against my partner personally and now our companies are listed in the lawsuits as well. What action can I take to remove my liability from his misapropriation and/or file a lawsuit against him for his misconduct. I am aware of the involunanty dissolution order but would like to make sure I have my day in court and all outstanding loans are paid at time of disolution. My partner has also locked me out of the office and is withholding all my personal effects and state regulated documents that I must retain to be in complilance. He also is contacting all of our business partners and sending them letters tha I am no longer a partner and not involved.

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