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N Cal Attorney
N Cal Attorney, Attorney
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Experience:  since 1983
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I started a company with a friend of mine. Quick note, this

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I started a company with a friend of mine. Quick note, this person is unstable but I saw potential in them. He admitted to me a few months ago that he shop lifts, among other things. Back to the point, I contributed $9,000 to our startup, established a 50/50 LLC partnership with this individual and we set up a joint business checking account. Before we even got a chance to get started with operations I caught him trying to buy expensive clothes on the company card. I was upset and I put our business on hold for a few months while I was busy with other things. Yesterday I checked our business account and found that he withdrew exactly half of the money from the business account. Keep in mind all of the
money was contributed by me. Although he was my partner, 50/50 , does he have a right to
take that money? I would assume no because its company money that was intended to
advance the interests of the company. He never contacted me before he did this and we haven't spoken in a few months. At the very least what he did was sleazy, but is it embezzlement. This occurred in Texas and we are a Texas LLC.
Submitted: 1 year ago.
Category: Legal
Expert:  N Cal Attorney replied 1 year ago.
I am sorry to hear this.

Have you asked him to account for the money he took out of the LLC account?

Have you filed a police report?
Customer: replied 1 year ago.
I have not filed a police report. I actually just spoke with him and he (in a hostile manner) made it quite clear that he is using the money for personal use and not to further our business.
Expert:  N Cal Attorney replied 1 year ago.
You can file a police report and/or the LLC can sue to recover the misappropriated funds plus interest.

You can get a free consultation from some of the Texas attorneys listed by location here.

Please follow up on this with a local attorney.

I hope this information is helpful.
N Cal Attorney, Attorney
Category: Legal
Satisfied Customers: 8120
Experience: since 1983
N Cal Attorney and 5 other Legal Specialists are ready to help you
Expert:  N Cal Attorney replied 1 year ago.
Thank you for accepting my answer, and thank you very much for the bonus!

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