What to do if my business partner and I have been doing business for 10 years and recently they withdrew my name from our business account without my knowledge?

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What to do if my business partner and I have been doing business for 10 years and recently they withdrew my name from our business account without my knowledge?

We have business joint account for the entire time that we have been in business. I went to the bank branch where we opened the account and spoke to the bank manager to add my name back onto the account. She refused to do so because of my partner’s decision. I asked her why I was not notified of this action. She said it’s bank policy. I showed the legal documents of the status of our business. Due to this illegal action of my partner, I do not have any access to bank account. My partner has concealed all business income and bank statements and the bank has refused to provide bank statements or income.

Asked on May 18, 2013 under Business Law, California

Answers:

Nathan Wagner / Law Office of Nathan Wagner

Answered 8 years ago | Contributor

It depends on how your business was organized. Did you create a corporation or limited liability company? Are you a shareholder or a member? If so, you may be able to demand an accounting or show the bank that you have authority to control your entity's assets. If that fails, you could sue him for breach of fiduciary duty.

If your business is a partnership, you may be able to sue for breach of fiduciary duty or theft.


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