I am a new partner in a business that makes a nice profit here in kansas city and we have several employees. There is only me and I am in my early 20's and my partner is in his late 50's. I know 100% our company makes a considerable profit each month however he has complete control of the finances and he takes all checks and keeps 100% of the profit. Isn't this called embezzlement?
1 Answer from Attorneys
Embezzlement is the wrongful diversion of funds from a company to an individual. Without knowing the specifics of your partnership and corporate organization, I cannot say if this action is lawful or not. What was your understanding of the division of profits and expenses? Do you have a written partnership agreement? If not, you should have one. If you have one, what does it say about division of profits? Feel free to contact me if you want to look into this in more detail.
Sean Santoro/Licensed in KS and MO
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