I have a neighbor who has a business partner who is stealing...

[Kaieye]

I was told that the other business partner was caught embezzling funds or company goods from a small business company that they equally share. I told him to confront
his partner to confirm the wrong doing. I told him that the trust is gone and I would get out of the business relationship even though that means closing the business. Once a cheat- always a cheat. I did ask what was taken? A few thousand dollars of company goods and a $165 dollar meal bill at Chevy's. The business is just barely four years old and has turned a mild profit.

What you you recommend? I told my neighbor that I would dissolve the business.

 

[her209]

Send him to FPMITA prison.

 

[GoPackGo]

Call The Equalizer

 

[highland145]

Kick his butt to emphasize the dissolution of said business.

Raid the kitty, too.

 

[PottedMeat]

seduce business partners' wife. get her to steal from husband to recoup funds.

 

[Jeeebus]

depends on how the business is set up. LLC, Inc., LLP, no formal entity, full partnership, etc.

There are ways to dissolve/force out a partner (if that's what he actually is), usually starting with a demand for accounting. Every state's laws differ and it ultimately depends on the entity type.

 

[preslove]

UNDER NO CIRCUMSTANCES should he consult a lawyer. He should do whatever his neighbors come to agree on.

 

[Barfo]

Kick your neighbor's ass, then go and rape his partner's wife.

 

[Miramonti]

UNDER NO CIRCUMSTANCES should he consult a lawyer. He should do whatever his neighbors come to agree on.

 

[FDF12389]

UNDER NO CIRCUMSTANCES should he consult a lawyer. He should do whatever his neighbors come to agree on.

Your wisdom is over whelming!

 

[TwiceOver]

The only ship that doesn't sail, a Partnership.

 

[Kaieye]

I told my neighbor Jim, since you have a simple written partnership contract but no written property lease, double the rent right away. I knew he own the property where the business is located so that would send a powerful message. Jim told me that his partner is "underwater" with a poor credit history. I told Jim that he would be very unwise to continue this business and he might/will probably find ways to line his pockets. I keep telling him to get out...

 

[highland145]

Jim needs to get a clue about what a "quality business partner" should be.
Poor credit history? Geez.

 

[Miramonti]

$165 dinner meal...this is stealing? On his own, that is a lot and he obviously charged wine or got services by the staff under the table, but with someone discussing work is nothing.

 

[infoiltrator]

Regular audits are a requirement for any business, finding a good auditor more difficult.
A business is not a personal account.

 

[Jeeebus]

I told my neighbor Jim, since you have a simple written partnership contract but no written property lease, double the rent right away.

so you just advised your neighbor to breach his fiduciary duty to the other partner and thereby give the other partner a good claim to sue Jim upon? Excellent.

 

[911paramedic]

I was told that the other business partner was caught embezzling funds or company goods from a small business company that they equally share. I told him to confront
his partner to confirm the wrong doing. I told him that the trust is gone and I would get out of the business relationship even though that means closing the business. Once a cheat- always a cheat. I did ask what was taken? A few thousand dollars of company goods and a $165 dollar meal bill at Chevy's. The business is just barely four years old and has turned a mild profit.

What you you recommend? I told my neighbor that I would dissolve the business.

Are you sure it's turned a profit, or did he say it turned a profit. :whiste:

 

[Kaieye]

so you just advised your neighbor to breach his fiduciary duty to the other partner and thereby give the other partner a good claim to sue Jim upon? Excellent.

I don't see anything wrong. Jim's rent went up 100%,too.

 

[highland145]

I don't see anything wrong. Jim's rent went up 100%,too.

Tell Jim to grow a pair and break the relationship. Passive aggressive rent raising, FTL.

 

[Corporate Thug]

I recommend minding your own business.

 

[dawp]

give him a chance to come clean and repay the company?

 

[Kaieye]

I recommend minding your own business.

I told Jim that I wanted no part of this but he keeps calling me. My wife told me to butt out,too. Your probably right and I will tell Jim that I am keeping out and to suggest talk to someone at the SBA or hire an attorney.