Taking action after a partner steals from the company

Because starting a company and keeping it operational is no easy feat, many Ohio residents choose to have business partners. When you first thought about having a partner, you may have had someone immediately jump to mind. This person may not have had extensive business experience, but as your best friend, for example, you believed that he or she had useful qualities to bring to the table. You may have even chosen this person because you believed that you could trust him or her. Because you had this trust, it may have come as a substantial shock when you discovered that your business partner was stealing from company accounts. Is it true? When you first noticed signs that certain financial actions regarding company accounts did not add up, you may have immediately begun looking for answers. If your company has a financial department or bookkeeper, you may have started there. If the answers you received left you feeling unsettled, you may have taken a direct approach and questioned your business partner. Unfortunately, when confronted with wrongdoing, many individuals do not feel the need to be upfront about their actions, or they may even feel that what they did was not wrong. In the latter case, you may need to gather evidence that your partner did not have the authority to conduct the financial transactions that led to the issue at hand. Protecting your business Though your business partner may be your friend, you undoubtedly want to keep the best interests of your company in mind. As a result, if you believe that your partner has taken company funds for personal use, taken those funds for business transactions unrelated to your company or carried out unauthorized transactions otherwise, you may need to take serious steps to address the situation. What can you do? Of course, the exact legal steps you choose to take may depend on how willing your partner is to come clean or otherwise make amends. Still, you may no longer feel comfortable working with him or her. In order to understand your options for handling this type of unsettling situation, you may want to consult with a business law attorney about seeking recompense for your partner’s wrongdoing or even dissolving the partnership entirely. Though it may be difficult to consider such actions, it may be necessary for your company’s future.