I have a general partnership 50/50 and my partner just took out $7,000 without my knowledge. How can I get the money back? My partner called and told me she took out $7,000 and put into her personal account because she thought I might take it out myself. We are still running our business and I have no reason to take any money out. We always discuss what money comes out of the account together. We need the money for our operating costs immediately. I told my partner that and then she put $2,000 back but she is basically holding the other $5,000 hostage.
Isn't this illegal?
Should I get an attorney and take her to court?
How can I get her to put the money back into the account. It's needed for business expenses right now.
2 Answers from Attorneys
Do you have a written Partnership Agreement?
If not Minnesota Statutes govern re: parntership liabilities and procedures.
You may be able to make a claim vs. partner, but more importantly:
Do you want to continue with such a partner? WHat other obligations are you on the hook for, jointly and severally? ( I.E. if your partner disappears or dies or leaves the country, you are stuck with paying?)
Call or email for further assistance. I am located in Eden Prairie
Hello. The starting point is your written agreement with your partner, whatever that is. Oral agreements may apply. Know that governing law (statutes, case law) exists. It appears that once this particular issue is addressed, you have larger concerns that need to be discussed and resolved. Please contact a private attorney right away; you may contact me. Some attorneys are available seven days for emergency legal needs. Many attorneys will confer initially at no charge. Then, if legal work is performed, some attorneys will provide a reduced fee for financial hardship. Some attorneys may also assist you in limited scope manner to conserve legal costs. All the best.
Tricia Dwyer, Esq.
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