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    Probems with buisness Partner
    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.

    Any advice?


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  2. Collapse Details
    Quote Originally Posted by Hamburgerhelper View Post
    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.

    Any advice?

    Hamburgerhelper,

    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?


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    Theresa Nguyen J.D. LL.M. Taxation
    Founding Member
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  3. Collapse Details
    I've heard this expression once before:

    "The only ship that won't sail is a partnership."

    There's some truth to that.


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    #4
    Join Date
    May 2017
    Location
    London, E14 8RJ United Kingdom
    Posts
    67
    Fist of all are you having the partnership forms and the company you own legal information and collect the data about it when his girlfriend was paying taxes and when she skipped from doing her part of job. Now, visit a business partnership attorney who is well acquainted of giving you a right decision and after consulting from all of them. Finally make a decision. All the best! Hope you make a right choice!


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    Fist of all are You Currently Using the Venture forms and Also the Business You Possess legal Info and Also Acquire the Information Relating to it If his girlfriend Has Been Paying for Taxation as Soon as she Jumped out of Performing her Role of Occupation. Today, see with a company venture attorney who's well familiar with providing a choice to you and then consulting them from all. Make a determination. All of the Ideal! Hope that you produce a selection that is correct!


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