PARTNER WHO REPORTED UNDERSTATED SALES TAX RETURN HAS MANIPULATED PARTNERSHIP REPORTS TO HIS FAVOR AND POCKETTED EXTRA MONIES
In a "true" (general) partnership each partner is "jointly and severally" liable for the full amount of any obligation undertaken by any other general partner, certainly related to the business. The partner(s) who pay have a right of contribution from all partners and one or more claims against the partner causing these problems.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.
5 lawyers agree
I agree with attorney Doland. Typically, there is joint and several liability for a partnership. This sounds like a situation where you should retain counsel to represent your interests. Especially if there is a lot at stake here. If the partnership is audited and adjustments made it will be assessed against all of the partners. There could also be criminal issues. Again, retain counsel immediately to represent you.
H. Daniel Lively, Esq., LL.M., CPA Certified Tax Specialist, CA Board of Legal Specialization firstname.lastname@example.org www.USTaxRescue.com 714-708-2593 Mr. Lively is a Certified Tax Specialist by the State Bar of California Board of Legal Specialization. He can be reached at 714-708-2593 or USTaxRescue.com.Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
2 lawyers agree
Securities / Investment Fraud Attorney
I agree with my colleagues BUT there defenses there can be raised. As a California Attorney and one of the very few that are Fraud Examiners ( CFE member of the Association of Certified Fraud Examiners) I can help you with this problem. http://sdmcduff.com and http://karamanlispowers.com
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1 lawyer agrees