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Nate
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If a business partner borrowed money from our business without

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If a business partner borrowed money from our business without asking my permission and he admits it to me and asks for me to treat it like a loan and pays it back with interest it's not considered a crime? True?
Submitted: 11 months ago.
Category: Criminal Law
Expert:  Nate replied 11 months ago.
My name isXXXXX have been a licensed attorney for over ten years and will be assisting you today.

To have a crime, you must have a willing prosecuting witness. If you do not decide to press charges against him, no one else will. If you both agree to resolve the situation where he pays back the amount taken with interest the matter would be considered private and closed.

If you have more questions please feel free to ask. I'll be happy to answer them. If you do not, please do remember to rate my service in assistance to you today.

Thanks!
Nate
Customer: replied 11 months ago.

And that would not depend on the amount of money borrowed? True.


 


Also, I am the managing partner and was told I need not inform a small stockholder of the incident? True?

Expert:  Nate replied 11 months ago.
Whether you involve the authorities is your call regardless of the amount.

The other shareholder should be informed of what happened if it affects the profitability or viability of the business. If the incident does not negatively affect the business there would be no need to inform the other shareholder as you are the manager and have made a managerial decision.
Customer: replied 11 months ago.

Nate, if in a deposition in another legal matter involving my business, I'm asked about "secrets" in the business, am I bound to tell of the above incident that was no crime and successfully dealt with in house by a loan + interest? I'm assuming if there's no harm and no foul there's no secret to hide?

Expert:  Nate replied 11 months ago.
I don't when you would be asked about secrets of the business, per se, but if you are under oath and you are asked about something that would reveal this you would have to tell the truth or potentially find yourself in contempt of court.
Customer: replied 11 months ago.

I have a confidentiality clause the members of the business I bought out signed. I bought them out in 2009. They are trying to make me reveal "secrets" which would be prohibited by the confidentiality clause. Since I stated there were no secrets in my deposition [having told my sister of the incident while she was a shareholder] and having dealt with the matter successfully as a common business loan, wouldn't you say there was no reason to say there were secrets?

Expert:  Nate replied 11 months ago.
The issue would be secrets that would affect the operation of the business. If this was dealt as a loan and the business was not in jeopardy because of it, there would be no harm in not revealing it.
Nate, Lawyer
Category: Criminal Law
Satisfied Customers: 10561
Experience: Over 10 years of criminal defense practice.
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