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Property and assets are extremely important to any business and the proper handling of these assets could be the difference between success or failure of the venture. The proper handling of assets is especially critical in a partnership due to the potential for personal liability of the partners for the losses and debts of the overall business. Therefore, when one or more partners engage in the misappropriation of partnership assets, the situation should be taken very seriously and the other partners must take immediate action.
At the Law Offices of James S. Hong and Associates, we help California partnerships resolve disputes and we stand up for the legal rights of financially injured partners. If you suspect any misappropriation of funds has occurred, please contact us immediately to learn more about your legal options.
“Misappropriation” is, simply put, another term for “theft,” as a partner takes property or assets that belong to the business without permission. Misappropriation of assets can occur in many ways and typically involves a fraudulent scheme to try to mask the wrongful taking. Misappropriation can occur in the following ways and more:
- False bookkeeping entries and records;
- Falsifying cash receipts or invoices;
- Shrinkage of inventory;
- False expense claims; or
- Payroll fraud schemes.
When a partner is entrusted with partnership assets and wrongfully takes those assets for himself without permission, it can constitute the crime of embezzlement. Embezzlement can be a serious offense and conviction can result in extensive fines and even jail time, especially if the defendant is accused of embezzling large sums of money. However, a criminal case is separate from a civil case and, while a criminal sentence may include restitution, it is often necessary for harmed partners to seek a civil suit against the embezzler.
On the other hand, if you have been accused by other partners of misappropriation of assets, there is a chance they may report their suspicions to the authorities and that you may face criminal charges. At the Law Offices of James S. Hong and Associates, we have experience in both civil and criminal defense of embezzlement and can help you defend against wrongful allegations in all related cases.
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