Question about an accrual account and business checking account?
My familiy owns 50% of a business, and there is a business partner who owns the other 50%. Due to health issues the business partner is selling her half. She has decided that when she sells, she is taking the contents of the accrual account and the checking account (and possibly any other savings). This seems extremely wrong, and possible illegal to me. Can anyone tell me if this is in fact something that shouldn’t happen, and what we can do to stop it? Thank you very much.
The basic answer is: Disposition of assets upon severing a partnership is governed by the written partnership agreement. Partners can enter into any agreement they want. If the partners failed to execute a partnership agreement that addressed how partnership assets would be handled when a partner leaves, the default answer would be equal sharing, but if one or more partners disagrees with equal sharing the final recourse would be to go to court. The court may weigh other evidence (such as who has contributed equity, and what type of equity, to the partnership) to determine an equitable distribution. ‘Course if you go to court the only people who will be sure to share in the partnership assets will be the lawyers.
Small Business Health Insurance Tips Irvine Orange County CA
|
|
CONSUMERS GUIDE TO HSAS (Brick Tower Press Financial Guide) $4.95 A breakthrough in health care for employees and employers alike, HSAs stand for Health Savings Accounts. As of Januar y 1, 2004, HSAs are a new option, similar to an IRA, offering individuals a tax-sheltered way to accumulate savings. Tax-free dollars in HSAs may be withdrawn for qualified medical expenses, rolled over without penalty for spending in future years, or invested, to accumulate saving… |
|
|
The Pocket Idiot’s Guide to Health Savings Accounts $0.68 Simplifying and understanding health care in America. In 2004, Congress created Health Savings Accounts (HSAs) with the intention of putting the brakes on runaway health care costs. The concept was simple: Get people to start thinking about health care expenses the same way they think about other goods and services they buy. But what started as simple idea has proven to be difficult for… |
|
|
Consumer Driven Health Care $4.99 The United States does not have a health care system; it has a sickness care system and now the system itself is sick. The costs of health care drain nearly 15% of all the goods and services produced in America, 50% more than other industrialized nations. With benefits costs approaching $10,000 per employee with family coverage and increasing at double-digit rates, this crisis is not only threaten… |