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Lobby Financial Feast topic #993

Subject: "LLC - Money for the partners" Previous topic | Next topic
Shel530Sun Sep-23-12 08:49 AM
 
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"LLC - Money for the partners"


          

My husband and I own a small construction company which is an LLC. We are the 2 Managing Members. and I manage the finances as the VP/Operations Manager. When we receive payments for jobs we complete, we each receive a set percentage of the amount as our disbursement which is paid to a personal bank account. My husband, who is not so good with managing his money, thinks that he should be able to "take money from the business bank account" anytime he wants and not have to pay it back, because it is "like borrowing from myself."

I am trying to find in writing, the legal & business reasons, to explain to him that he cannot do this. I have tried explaining that the money in the business account belongs to the business entity and is for future operational expenses. My goal is to have 9 months worth of expenses in there since it can be months sometimes before we receive payment on a job. We are at appx 3 months right now. He still insists if the money is there, he has every right to it.

I have spoken with our accountant and relayed to my husband all of the above and he says he understands but really, he doesn't, or he wouldn't keep insisting he can have money when he wants to have money and doesn't want to be told no.

My husband is 41, not 13, but is treating this situation like he is a teenager whose mother won't let him do what he wants.

Feedback would be greatly appreciated.

  

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