My business partner has been using company money for personal items, putting the business in jepordy, what rights do I have?

Asked over 5 years ago - Portland, ME

I am a member of a LLC in maine. I own 25% of the business and my business partner owns 75%. I just found out that he has been spending money on personal Items and personal bills. The company is now strugling to pay its own bills. The company would be pulling a profit if he was not spending it on himself. What rights do I have and/or what actions can I take against him to get the business back on track? Can I force him to buy me out for what I have put into the business?

Additional information

I never signed an operation agreement.

Attorney answers (1)

  1. Okorie Okorocha

    Contributor Level 19

    1

    Lawyer agrees

    1

    Answered . You need to speak to a business attorney ASAP, but you could go into court and have the LLC essentially dissolved or divided or however it is down in your jurisdiction, since you do not want to do business with this person any more and you have some interests to protect that the person is squandering.

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