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Loren, Attorney
Category: Business Law
Satisfied Customers: 33114
Experience:  30 years experience representing clients .
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I am an owner in a construction company located in Florida.

Resolved Question:

I am an owner in a construction company located in Florida. I am registered with the state ( as the Vice President. I am also the qualifier of the business and I am the chief financial officer. I have two questions.

First, I suspect that my partner is stealing funds and channeling them into a bank account that I do not know about. I know that he setup some bank accounts outside of our main account but due to unusally low funds, I suspect theft. How can I find out where these accounts are and how can I access them?

Second, the President of the corporation is actually my partner's girlfriend. She does nothing for the company as far as work. What options do I have to remove her from the corporation?
Submitted: 6 years ago.
Category: Business Law
Expert:  Loren replied 6 years ago.
1. Assuming the partner is not forthcoming with an explanation, you would need to file a suit with the court for an accounting. If there were corporate funds diverted, the co-owner would be forced to restore the assets. 2. The president serves at the appointment by the board. If the president is not performing her duties as stated in the bylaws, the board may recall the president for cause. If you have no control of the board then there is probably not much you can do, as a practical matter.
Customer: replied 6 years ago.
What do you mean by "an accounting" in your first sentence?

Expert:  Loren replied 6 years ago.
It is an equitable action where the other side is required by the court to show where funds are coming from and going to in relation to a potential diversion of company assets.
Customer: replied 6 years ago.
How exactly does the board work? I don't know who is on it currently. This is a small business. I'm vaugly familar with board members but I'm not currently certain who is on it or how to change it. Do any papers need to be filed with the state to elect or remove a board member.
Expert:  Loren replied 6 years ago.
The shareholders elect the board and the board appoints the officers. This is usually done annually and recorded in the annual corporate minutes pursuant to the bylaws. Check the minute book to review the by laws and annual minutes. Usually the minute book would be kept in your attorney's office but it can be in the corporate office as well.
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