eks6426
Ideal_Rock
- Joined
- Nov 19, 2004
- Messages
- 2,011
My husband owns a company with a partner. They''ve had a rough year financially so we decided to look at the Quickbooks. His partner is the one who is supposed to be the book keeper, pay bills etc. My husband is primarily sales. Well, we couldn''t get into Quickbooks..partner locked a passcode on it and we didn''t know the code (yes I know very bad!) So, my husband and I starting going through his partners desk and found that the partner opened up company credit cards without my husband knowing about it. The partner charged all sorts of personal things....We know of 3 cards so far that total over $25K. We even found a lot of the receipts that he signed for things like restaurants, liquor etc. We found checks that he wrote for personal needs like car repairs (the guy does virtually no driving for the company). We now have the Quickbooks and all the paperwork in the hands of an accountant who is going through to figure out what exactly happend...receipt by receipt/statement by statement. We expect the amount the partner spent on personal expenses to go up.
The company is an S corporation. We''re trying to figure out a way to get the partner out but with him taking the debt he created. Any suggestions?
The company is an S corporation. We''re trying to figure out a way to get the partner out but with him taking the debt he created. Any suggestions?