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Calling all Accountants

Discussion in 'Political Discussion' started by mcgraw_wv, Nov 12, 2009.

  1. mcgraw_wv

    mcgraw_wv Rookie

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    I need some help, and advice.

    I owned a company with a partner, 50/50 split. We've owned it for 3 years now. This past month, he decided to take 50% of the cash in the bank and quit the company.

    He was also the one that managed the books, and accounting. He has yet to turn over that material, the receipts, and invoices, etc...

    What do I do for filing taxes for this year?

    As an FYI, i've been on hold for about 30 minutes with the IRS.

    FUNNY side note: every minute or so an automated message comes on the phone that says "Our agents are still helping other customers, please continue to hold", but the ladies voice and accent make it sound like "Out agents are still hounding other customers, please continue to hold" ... :)
    Last edited: Nov 12, 2009
  2. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    Call a lawyer would be my advice - and quickly. Any reason why your ex-partner's didn't turn over the books before he took his 50%?
  3. mcgraw_wv

    mcgraw_wv Rookie

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    Naaa, I've seen them before and I have always had access to the bank account so I know what was spent and what was deposited.

    The only thing that I feel salty about is he took 50% of the cash, which he is not entitled too, since I still have expenses to pay out of that.... Oh and the fact that the total he took was more than he ever sold for the business...

    Never enter into a partnership... unless your the lazy one and expect to steal a little money before being kicked out.

    Just got off the phone with the IRS no help at all, they don't even let you explain, they just start reciting facts, and form numbers, and process... I finally said "Will you stop and listen to what I'm asking you".
    Last edited: Nov 12, 2009
  4. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    Well, yeah - and taxes are going to have to be paid and probably insurances and who knows what else?

    I'm not a business man at all but I do know that just because my bank balance is X it doesn't mean I'm worth X. It means I'm worth X minus car payment, house payment, auto insurance, gas company, etc etc etc. Usually I'm not even worth a quarter X.

    I'd be nervous if I were you - and I'd still be calling that lawyer.

    In any case, good luck with whatever happens - I'm hoping the best for you.
  5. mcgraw_wv

    mcgraw_wv Rookie

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    The total amount is not enough to call a lawyer... 50% he took was 4k. left 3.8k in there, as we have another account with a little dough.

    And my business design is perfectly efficient, almost no expenses... Im just worried about Taxes...
  6. Real World

    Real World Moderator Staff Member

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    Does your fiscal year coincide with the calendar year? If so, then you've got plenty of time before you have to file a return. A lawyer might be necessary since you're likely to want to remove his name from the business altogether. What type of business is it?
  7. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Many years ago the first thing I would have done is break his f-cking legs, soon after that he would have told me where the books were, he might have even donated his 50% back into the company and bought me a Puppy.
  8. Patsfanin Philly

    Patsfanin Philly Rookie

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    #95 Jersey

    With all due respect, it is. If it is a partnership or corporation, you've got to dissolve it or you're potentially on the hook for future liabilities or actions by your expartner. The lawyer can think of things that you haven't and in the long run it will save you money, even if it's just a letter telling your ex-partner to make a copy of the records for tax purposes. It will save aggravation and give you peace of mind. Call one...
    Last edited: Nov 12, 2009
  9. mcgraw_wv

    mcgraw_wv Rookie

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    I already re-filed all our IRS forms removing his name from it. shut down all the bank accounts and opened a new one. What else could there be?

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