Can I force my business partners to show and justify all expenses?

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Can I force my business partners to show and justify all expenses?

I’m an equal partner in a hotel business; I have a 25% stake (sleeping). One partner is “secretary”and one is “president” the other has no title (sleeping). They are self elected following a buyout of another partner. They pay a manager to run the business but I now know they are also paying themselves large amounts of money as well. From the bank I have got hold of statements which show they have cut checks for themselves as “management” fees and there are checks for “consulting” costs. They have ignored my requests for them to disclose all expenses, I fear fraud. What can I do?

Asked on February 15, 2012 under Business Law, New York

Answers:


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