Question
Helsinki was one of the two original partners in a printing business that had grown over the years from a two-person partnership in the 1990s
Helsinki was one of the two original partners in a printing business that had grown over the years from a two-person partnership in the 1990s into a successful partnership with 15 partners. The business had started on a very informal basis, with no formal written partnership agreement ever drawn up between the partners. Over the years, Helsinki had drawn money from the firm's account to pay her personal debts, claiming that she was repaying loans that she had incurred for and on behalf of the firm. There was 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 partnership meetings, However, things came to a head when the partnership suddenly showed a significant profit decline in 2021 and it was apparent that Helsinki's drawings were contributing significantly to the profit downturn.
Advise the partnership.
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