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All Business
All Business, Attorney
Category: Business Law
Satisfied Customers: 847
Experience:  27 years of business experience with accounting and law degrees
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My business partner has taken equipment from our business ...

Resolved Question:

My business partner has taken equipment from our business and is hold it as collateral until certain demands are met. I this legal?
Submitted: 8 years ago.
Category: Business Law
Expert:  All Business replied 8 years ago.

thanks for your question.

it sounds like the partnership is done. as such you would be best served toi look at the partnership agreement to determine the steps to follow in dissolving it and moving on.

as far as the taking of equipment, it is most likely against the agreement and improper and you likely have a civil case against your partner for the cost of and/or return of the equipment (or, at the very least, for your share of it).

in addition, you may have a claim for theft from the partnership, however this one will be harder to raise being that he certainly has some level of interest in the equipment and the likelihood of the police getting involved will be small.

so, what you should do immediately is approach an attorney and commence a civil action against your partner. that action will include as part of it the issue with the equipment but it sounds like there is a whole lot more going on.

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