partnership

I have a small painting business, I have a 50/50 partnership, my partner as been dishonest about where the money is going. I would like to end the partnership and I would like to know what action I can take to recieve half of the money in our business account? My partner is the primary account holder for our bhsiness account. He recently took the remaining balance out of the account and told me that he did so where I could not get any money, I have been unsuccessfull on lining up any new jobs, and there was a check deposited for the last job I did for the amount of 17,000 dollars. We have a LLC entity and I'm not sure what I am intitled to! I am the one who does all of the work and also line up all of the jobs. My partner is the one who handles all of the financial matters! We had a heated discussion about closing the business and he beleives he is entitled to all of the money in our business account. If you could give me some advice it would be greatly appreciated.

Are there any provisions in your group's Articles of Organization concerning dissolution of the business entity? If so, what do these say about how any remaining assets from the business will be distributed to partners? This will be the easiest way to resolve whatever differences you are having with your partner as these provisions give you legal authorization to collect whatever amount of the business assets that are stipulated. On the other hand, if there are no provisions for dissolution in your Articles of Organization, you can judge how much you are entitled to by your percentage of business ownership (which is definitely stipulated somewhere in your founding documents).

In either case, your best approach is to start by sending a letter to your former partner via certified mail indicating: a., a request for your portion of remaining business assets; b., a copy of your Articles of Organization highlighting the locations which --- explicitly or implicitly --- entitle you to a certain percentage of business assets; and c., a deadline from the date of message receipt after which time you will file a lawsuit against your former partner. Consider hiring an attorney to author and send this message --- it may cost a little, but may save you the hassle (and expense!) of having to litigate your differences in court.

Hope this helps, and best wishes!

Brad