Slate’s Law Blog

What to Do if You Suspect Your Business Partner is Stealing From an Account

What to Do if You Suspect Your Business Partner is Stealing From an Account

Running a business on your own can be challenging and stressful, but working alongside a partner can help to alleviate some of the stress. Unfortunately, not all business partnerships are trustworthy, and sometimes, partners may have a dispute because one suspects the other of stealing money from an account.

As a responsible business owner, it is your obligation to take quick action and prevent any further damage to your company. If you suspect your business partner is stealing from an account, you might want to contact our lawyer at Slate Stern Law for legal assistance. Our Santa Fe partnership dispute lawyer can explain the legal options available to you if your partner is stealing money.

Your Legal Options When a Business Partner is Stealing from an Account

Depending on the circumstances of your case, there may be several legal options available to you when you suspect your business partner is stealing money from an account.

1. Prove Criminal or Civil Fraud

The first step in dealing with a business partner you suspect is stealing from your account is to investigate their actions. If you have proof of their illegal activities, you can take legal action against them. Start by getting access to financial records and bank statements to confirm your suspicions. Consider hiring a skilled lawyer to help you compile all the evidence you will need to prove the fraud. Once you have enough proof, report the matter to the appropriate law enforcement agencies.

2. Sue for Breach of Fiduciary Duty

If you have a business partnership agreement in place, then your partner may have breached their fiduciary duty by stealing from the account. Your partnership agreement should specify the duties and responsibilities of both partners. If your partner violated those duties and responsibilities, you can sue them for breach of fiduciary duty. A qualified lawyer can help you file a lawsuit and navigate the legal proceedings. If you can prove that your partner breached their fiduciary duty, they would be liable for any financial damages caused to your company.

3. Pursue Embezzlement Charges

If your business partner takes your company’s money without your consent for their gain, then they may be committing embezzlement. Under New Mexico Statutes § 30-16-8, embezzlement is a criminal charge that can carry severe penalties for offenders. Your business partner could face years of imprisonment and hefty fines if found guilty of embezzlement. Pursuing embezzlement charges is a serious process, which is why it is always best to consult with a lawyer before deciding to pursue embezzlement charges.

Hire a Lawyer to Explore Your Legal Options

Once you have corroborated your suspicions and obtained the financial evidence necessary, you might want to consider contacting a lawyer to get a full understanding of your legal options. A lawyer will explain the relevant laws that govern your situation and help you pursue legal action against your business partner. Be aware that your partner will likely try to defend themselves, so having a lawyer with expertise in business law can significantly increase your chances of success in any legal action.

Schedule a Case Review with a Lawyer

Your business’s financial integrity must remain uncompromised. If you suspect your business partner is stealing from an account, take prompt action. By taking the appropriate actions, you can protect your business from damage, reclaim your finances, and move forward. Reach out to Slate Stern Law to get a case review. Call (505) 814-1517.