Question
Helen one of two original partners in a printing business that had grown over the years from a two-person partnership in 2001 into a very
Helen one of two original partners in a printing business that had grown over the years from a two-person partnership in 2001 into a very successful business with 15 partners. The business started on a very informal basis, with no formal partnership agreement ever being drawn up between the partners. Over the years Helena had drawn money from the firm account to pay for her personal debt, claiming she was repaying loans she had incurred for an on behalf of the firm. There is no evidence to suggest that this was the case and the other partners, while they were not happy with what she did, had not publicly complained in partner meetings. However, things came to a head when the partnership suddenly showed a significant decline in 2005 and it was apparent that Helena's drawings were contributing significantly to the profit downturn.
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