His professional skills are also questionable. My friend has generated over 70% of the business in the first 12 months and this proportion is increasing. I think that he will be carrying his partner for the next 20 years if he is not careful.
His professional skills may be in doubt but his skills at manipulating your friend and the situation seem rather better.
Is there a comprehensive partnership agreement which may stipulate how the accountant gets chosen or how and when a partner is paid etc? I agree with Brendan that: 'His first step should be to change the mandate so that both signatures are required.'
However I dont think any partnership can survive long when one partner doesnt trust the other. Its probably time to get all issues into the open with a view to either resolving them or else dissolving the partnership.
I agree
They have no formal partnership agreement in place.
Just spoke to the friend about this again. He checked with the bank and both signatures were required (but only one was on the cheques. The bank was dismissive about this saying that they process thousands of cheques every day and couldn't be expected to notice things like this. I was surprised at this, to say the least.The bank follows the mandate given to it by the partnership. If the mandate allows cheques to be honoured with only one signature, then the bank has to do so.
His first step should be to change the mandate so that both signatures are required.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?