Legal Question in Business Law in New York

If you are both signatories on the account and both have an equal share in the business, you both control those funds equally. This does not mean that either of you have personal rights to the money. That is, you cannot withdraw or transfer funds to yourself just because you can. They are considered business assets until they are transferred out legitimately like when you take distributions.

It sounds like there is more going on in your situation and you should probably consult with legal counsel.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section):

http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

[email protected]

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.