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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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My wifes partnership is being disolved. The other two partners

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My wife's partnership is being disolved. The other two partners were preparing to remove my wife as a signatory to the corporate bank accounts without first paying her what is owed. Rather than risk losing access to the funds, she withdrew what she estimates is owed and deposited it into her personal account as a way to protect herself, and notified her partners that she had done so. Is this embezzlement? Fraud? There has been no conversion, as she will not spend any of the money until a settlement with her partners has been reached.
Thank you for the post, I am happy to assist you by answering your questions. Yes, rather than remove the funds to her personal account, she should have filed a civil suit against the partners to enjoin her removal from the bank accounts. She needs to draft a statement explaining where the funds are, why they are there, and offer to return the money in exchange for a written agreement affirming that they will not remove her as signatory prior to first buying her out of the business. Please let me know if you need additional guidance.
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