Business Bank Accounts? Where's my $$?

Discussion in 'Business Operations' started by Stoneguy, Jan 25, 2008.

  1. Stoneguy

    Stoneguy LawnSite Member
    from NJ
    Messages: 1

    I am curious as to how most businesses handle their checking accounts. Things such as how many signatures are required to withdraw, how much of your earnings go into it, who has access, and what the funds are used for. We are a newer LLC and have had some questionable activities involving a third partner "borrowing" money from our account. We each put in thirds on every job and (in the past) have used the money for supplies only. Now some of the money is ending up in someone's pocket. I am pretty familiar with the terms embezzlement and larceny and would like to see how other professionals would handle a situation involving less than $500 missing from your business account.

    Thanks in advance for any suggestions or past situations that you would care to discuss.
  2. bohiaa

    bohiaa LawnSite Fanatic
    Messages: 5,220

    Holy Crap man....... I think you already know you bettrer find it....

    embezzlement is one of the nasty words I know
  3. qwerty

    qwerty LawnSite Member
    Messages: 25

    What information are you looking for exactly? How to handle the books? Someone outside of the company should be auditing your financials. What to do about the missing money? Track it down. Go through your financials or have someone else review them. Or what should you do about the suspected theft? Verify who removed the money and confront them.

    Since you formed an LLC you can refer to your articles of formation as to who has access to what and under what circumstances they can withdraw funds. Your legal protection is only as good as your record keeping.
  4. grass-scapes

    grass-scapes LawnSite Bronze Member
    Messages: 1,552

    As has been said many many times, partnerships nearly always end in disaster.

    There are exceptions, but................
  5. echeandia

    echeandia LawnSite Bronze Member
    Messages: 1,131

    The bank should be able to tell you who withdrew the money. Once you have that answer then you can remove them from the partnership.

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