Can a business partner be charged with embezzlement?
My husband owns a business along with a partner whom he went to school with. The are equal partners. We have discovered this year he had a $10,000 cashiers check issued to himself from a business loan that acts as a checkings plus account. He also has approximately $40,000 in exessive business expenses that are not legitimate which consists of buying himself lunch daily, liquor, pizza, dental, parts for a non-company owned car, down payments for unauthorized company car purchases, groceries, and etc. He has also been using company funds to make a payment on his personal car or RV. He also barely shows up to work. The most he shows up to work is about 15 hours a week. HOWEVER, they did not have a very detailed share holders agreement drawn up. So my husband has nothing in writing which states specific guidelines for expense or excessive spending.
<P>Business partners absolutely can be charged with embezzlement. Embezzlement is simply a form of theft, but one perpetrated by someone who had a relationship of trust to the company. A business owner clearly applies as a person "in a relationship of trust." The use of business accounts to pay personal expenses is a common form of embezzlement. Before you fly into a rage (even if deservedly so), consult an attorney who is familiar with this area for help in the proper way to gather evidence. A false accusation can cost you even more money in a lawsuit and possibly incur defamation charges.</P>
The fall in new company starts does not necessarily mean that the American economy is less dynamic than it used to be, or that Americans are opening up new establishments at a lower rate than they did in the late 1970s.