I am new here and have posted elsewhere on this subject so here are the details.
I have been a business owner for over 25 years in an S corp.
Over the last few years I have been running the day to day operations by myself while my business partner who started the company and is the President works from home (I'm not sure what he is doing there since he rarely communicates with me)
His girlfriend was taking care of the taxes and accounting issues but to to her ill health I am not sure if she is capable of working on anything. (She lives with him)
I have warned him many times about notices from the state and IRS about unpaid taxes but little has been done.
After these unheeded warnings numerous levies have been made from our bank account which has left us with little money in order to fulfill orders that have been pre-paid. As a result more customers cannot trust us are are no longer ordering from us as a result.
He claims to have contacted another accountant and the IRS about this but has been elusive about the nature of the conversations.
I am planning to leave the company and the partnership and am concerned about liabilities from customers initiating lawsuits due to unfulfilled orders.
In short I can no longer carry the day to day burden of the business let alone continue in a frustrating business partnership with a man who is apparently is taking advantage of me.
More details will follow.
Thread: Probems with buisness Partner
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Probems with buisness Partner – 01-27-2017,05:58 PM
- Join Date
- Jan 2017
Consult your business attorney! There are several variables that could either help you or hurt you. What you can and can't do depends on the bylaws of the corporation and/or what you're able to negotiate with your business partner. What is your role and ownership in the corporation?
I've heard this expression once before:
"The only ship that won't sail is a partnership."
There's some truth to that.