As a business law firm serving clients in Miami, FL, J. Muir & Associates understands the importance of protecting your business assets. If you suspect that your partner is stealing money from your company, it is essential to take swift action to address the issue before it escalates.
In this blog post, we will discuss what steps you can take if you suspect your partner is stealing money from your company.
Investigate the Issue
If you suspect that your partner is stealing money from your company, the first thing you need to do is investigate.
It is crucial to collect all the books and records, consult your accountant, your banker, and potentially do a credit search on the company to ensure there are no secret accounts you didn’t know about. This investigation will help you determine if there is any evidence of theft or fraud.
Preserve Your Assets
Once you have completed your investigation and have evidence of theft or fraud, the next step is to preserve your assets. You can do this by taking control of the company without court intervention.
However, if necessary, you can get court intervention by filing a lawsuit and seeking a prejudgment writ of garnishment or attachment or potentially even appointing a receiver to control the company while you sort things out with your partner.
Taking Control of the Company
If you decide to take control of the company without court intervention, there are several steps you can take.
One option is to change the locks on the doors to prevent your partner from accessing the company’s premises. You may also want to change the passwords to all the company’s accounts to prevent your partner from accessing them.
Additionally, you can take control of the company’s finances by opening a new bank account and redirecting all incoming payments to this new account.
Seek Legal Advice
If you suspect that your partner is stealing money from your company, it is important to seek legal advice.
A Miami business lawyer can help you navigate the legal issues involved in these situations and provide you with guidance on how to protect your assets. They can also assist you in filing a lawsuit and seeking court intervention if necessary.
FAQ: Handling Suspected Partner Theft
How do I know if my partner is stealing money from our company?
Signs of theft or fraud may include unexplained losses, missing financial documents, or unusual transactions. If you suspect that your partner is stealing money from your company, it is important to conduct a thorough investigation to gather evidence.
Can I terminate my partnership with a partner who is stealing money from our company?
Yes, if your partnership agreement allows for termination under certain circumstances, such as a breach of the agreement, you may be able to terminate your partnership with a partner who is stealing money from your company. It is important to consult with a business law attorney to understand your legal options.
How can I protect my business from partner theft in the future?
It is important to have proper internal controls in place to prevent partner theft. This includes having separate bank accounts for the company and setting up regular financial audits to ensure that everything is in order. It is also a good idea to have a partnership agreement that outlines the roles and responsibilities of each partner and the consequences of any breaches of the agreement.
Contact J. Muir & Associates Today
If you suspect that your partner is stealing money from your company, it is essential to take swift action to protect your assets.
Investigating the issue, preserving your assets, taking control of the company, and seeking legal advice are all steps that you can take to address this issue. Remember that time is of the essence, and it is crucial to act quickly to prevent further damage to your business.
Contact J. Muir & Associates to schedule an initial consultation.