October 21, 2024

What Legal Steps to Take When Your Business Partner Steals from You in Enid, Oklahoma

If your business partner is stealing from your company in Enid, Oklahoma, take immediate action. Learn how to identify theft, explore legal options, and protect your business with Outhier & Caruthers PLLC.

If you suspect your business partner is stealing from your company in Enid, Oklahoma, it’s important to take action quickly. Theft within a partnership can damage your business’s financial health and reputation, so addressing it head-on is key to protecting what you’ve built. The following is a guide from Outhier & Caruthers PLLC on identifying the signs of theft, your legal options, and how to protect your business moving forward.

If you suspect your business partner is stealing from your company, call our knowledgeable business attorneys today.

Recognizing the Signs of Theft in a Business Partnership

When a business partner is stealing from your company, there are often clear warning signs. Keep an eye out for:

  • Unexplained financial discrepancies: Missing money, unauthorized withdrawals, or altered records.
  • Unauthorized personal expenses: A partner using business funds for personal purchases without approval.
  • Missing inventory or supplies: Unexplained shortages in products or materials.
  • Suspicious changes to financial documents: Records that don’t add up or appear to have been manipulated.

If you notice any of these signs, it’s time to explore your legal options.

Legal Options to Address Business Partner Theft

In Oklahoma, business partners owe each other a fiduciary duty—an obligation to act in the best interest of the business. If a partner breaches this duty through theft or fraud, there are legal steps you can take to hold them accountable.

  • Breach of Fiduciary Duty
    When a partner acts in their own interest and harms the business, they are violating their fiduciary duty. If you can prove they’ve misused company resources, you may be able to take legal action for breach of fiduciary duty, seeking compensation or other remedies.
  • Proving Fraud and Theft
    To pursue legal action, you’ll need solid evidence of the theft or fraud. This could include financial records, emails, contracts, or witness testimony. A skilled lawyer can help you organize and present this evidence in court, ensuring your case is as strong as possible.
  • Suing a Business Partner for Theft
    If your partner has stolen money or assets from the company, you may be able to file a lawsuit. Suing a business partner for theft can help you recover the losses your business has suffered and potentially force their removal from the company.
  • Protecting Intellectual Property
    If your partner has stolen intellectual property—such as trade secrets, designs, or proprietary processes—you can seek legal protection to prevent them from using or sharing this information.

How to Protect Your Business Moving Forward

While you address the theft through legal means, it’s important to safeguard your business to prevent further damage:

  • Conduct an audit: Review your financial records thoroughly to uncover the full extent of the theft.
  • Secure your assets: Limit your partner’s access to company accounts, inventory, and sensitive information.
  • Strengthen internal controls: Implement tighter accounting practices and require multiple approvals for major financial decisions.

Take Immediate Action to Safeguard Your Business

Don’t wait to act if you suspect your partner is stealing from your company. Protect your business and your future by consulting with a trusted business attorney and taking the necessary legal steps to address the issue.

For professional assistance in Enid, contact Outhier & Caruthers PLLC at (580) 234-6600. We will guide you through the process and help ensure your business is secure.

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