I believe before you venture into a joint business, some agreement should be reached, of which proper management of fund should be , I consider spending business fund without others consent as a breached of agreement and gross misconduct
Is it wise to use business funds without telling the co founder?
- Thread starter maventiger
- Start date
Dammy
Acquaintance
In a joint business the most important thing is trust. If there is no trust, there might be problems. It is therefore mandatory for each of the partners involved to maintain their integrity by being transparent in any of the transactions that involved the business funds. Any attempt to use the company's fund without the consent of the other partner is a breach of trust and may be the beginning of problems in such a business.
A Good Leaver will usually be required to transfer the shares they have vested and are entitled to to the company when they leave and will receive “market value” for the shares they transfer. Alternatively, they may be allowed to retain their vested shares.A founder is someone who is calling the shots alone in his startup. This means he has a team working under him on salary and no one shares the equity. A co-founder is someone who is part of the founding team. He/she can be an investor and a co-founder or a skilled person working as a co-founder.
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It is never wise to do that. Using a business funds most importantly, business that is a co-founded business for that matter. It is tantamount to breach of trust. This will hurt your business partner so badly. If it were your sole business, no one will care because the funds are solely yours to use as you deem fit
kayode10
Guest
This does not make sense at all it's like gambling and it can backfire seriously. Before you can give your hand into the fund of the company you have to let your partner know about it before you go ahead and use the fund. sometimes you might think that by using the phone you can see a return on investment unit sharpie out of time I will return it, but most times things don't go the way we want it. this is the reason why it is important to inform your co-founder before you can make use of the fund.
Using business funds without telling the co-founder is a dangerous thing and could be taken up legally, first and foremost there should be a process in which the founders have signatories to the business account, it can be very catastrophic, it will eventually come out to the open no matter how much you try to cover it up and trust will be lost. It is theft
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It is not appropriate and to me it is integrity issue, the business was co- founded anything you want to do must be known to your partner. If you can use the fund without telling your partner then you can sell the business or crumble the business. Which means you are not to be trusted.
It's not wise to use company's money or fund without asking for permission. If something goes wrong you may be in serious trouble. I could remember vividly when my uncle took his meeting contribution money to add to his shop, that same day robbers came to his house and took away the money, it took the intervention of the elders and family member to get the issue settled.
It is bad idear to take money from business account without telling the co found. If it happens, the business might have problem in a sense that if the money that was taken is the money been prepare to return from the borrower who borrow the co found for surpoting of his or her business could not be found when needed, it can cause problems for the business co founder.
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It's not good at all to practice such thing. If your partner finds out that you have done such, he would not entrust you with anything pertaining to company again and besides, you would not accept such if you were in the shoes of the business partner.
Hu
It is a bad decision and against the rules of the partnership business. You ought to inform him before such a withdrawal and both of you must reach a consensus to know what action to take.
It is not obtainable anywhere using or making financial investment without the consent of the co-owners. Financial Controller has to certify and endorse the purpose of which the fund is to be used after seeking approval from the board of directors. In an ideal company it can't happen. No money goes out without
It is not obtainable anywhere using or making financial investment without the consent of the co-owners. Financial Controller has to certify and endorse the purpose of which the fund is to be used after seeking approval from the board of directors. In an ideal company it can't happen.
Post automatically merged:
It is not obtainable anywhere using or making financial investment without the consent of the co-owners. Financial Controller has to certify and endorse the purpose of which the fund is to be used after seeking approval from the board of directors. In an ideal company it can't happen.
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This is very bad. I would be livid if my business partner took out funds from the business without informing me about it first. This is basically betrayal of trust and it will drive a wedge between the co-founder and you.
It's an unwise decision to attempt using a business fund without the knowledge and approval of the co-founder. It's a breach of mutual trust as well as a breach of contract agreement. It'll have a repercussion.
Using business operating fund or savings without the consent of your co-founder is a very bad act which is capable of ruining the relationship and trust upon which the business stands. If such co-founder is to pull out affect realising you actions, this might be the end of such business
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I personally condemn this act completely. This is nothing less than stealing. And this act can affect the company negatively. It can make the company to fall because money is very important in any establishment. This is my take.
Well,
Well, If the relationship between you and your business partner is a very close one, there is nothing bad in it but you have to be sure that the partner won't take it to the extreme by getting angry or even go legal against you for that act.
It is a very bad thing to do such thing.
If you want to use the company funds it is a must you involve your co founder, if you don't it is a fraud and breach of contract.
If your partner finds and decided to take legal step, you will be guilty in the long run.
If you want to use the company funds it is a must you involve your co founder, if you don't it is a fraud and breach of contract.
If your partner finds and decided to take legal step, you will be guilty in the long run.
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As a co-founder comma it is pertinent for you to act in all honesty and sincerity. It is not advisable for you to spend the money without consulting your co-founder. Every expenses pertaining to the company must have been consented to by both parties.
This is suicidal and should not be put to practice else it is going to be disaster and dubious.
How on Earth will you use someone's money without prior information that could bring an uproar to the partnership.
If you are can put yourself in another person's shoe I know that you won't try that
How on Earth will you use someone's money without prior information that could bring an uproar to the partnership.
If you are can put yourself in another person's shoe I know that you won't try that
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