This is a cautionary tale.

A man I’ve known for some years just had a major falling out with his long time business partner.

When we spoke he disclosed that the two of them were no longer speaking.
The partner seems to have managed to control all the financial aspects to point that when the IRS garnisheed certain sources of income, my friend was completely unaware for at least a year.

They have an online business that has it’s servers in London and it’s LLC in the British Virgin Islands.

Questions that spring to mind are:
Who owns the Domain Name?
How much control does the partner have over the corporation?
What about physical assets, if any?
Is his name on any paperwork that will commit him to continue to pay various and sundry bills after the partnership dissolves?
Who’s names are on the bank accounts?
Does he know the locations of all bank accounts?
Are there any funds in the accounts?
How are invoices handled?
Is any money being diverted?
Etc.

This is a partnership of more than 10 years.
Most of my questions are being researched?!? A partner should know these things without the need for lawyers, audits, or any other outside intervention.

Do you know what you just signed or did you blindly trust whoever asked you to sign on the dotted line?

Partnerships are exactly like marriages. They start out all hugs and kisses and then reality sets in.