One Party holding Money from the other party in Joint Ownership
Full Question:
If there is a legal partnership created between 2 people on a business and one party is hiding income from partner in business 'ex; company brought in $6300 and payed other partner only $1100 and has not disclosed what company has truly brought in' Is there further action
that can be taken?
03/12/2009 |
Category: Fiduciary Duty |
State: New York |
#15585
Answer:
A fiduciary is required to act in the highest good faith toward his or her principal and not seek to obtain any advantage over him or her by way of misrepresentation or concealment. In a partnership, partners owe a fiduciary duty to the partnership and to each other. To pursue a claim for breach of fiduciary duty, the elements of the cause of action are:
(1) existence of a relationship giving rise to a fiduciary duty;
(2) existence of a fiduciary duty;
(3) the breach of the
fiduciary duty;
(4) damages caused by the breach of fiduciary duty.
It may also be possible to have a claim for fraud or a theft type of charge, or to dissolve the partnership. I suggest contacting a local attorney who can review all the facts and documents involved.