Lessons Learned: Be the primary account holder on the business bank

For the self-funded searchers or entrepreneurs out there who haven't started a business before, there are many lessons learned when building something. One that is top of mind today is to ALWAYS be the primary account holder on the business bank account. According to chat, 60–70% of business partnerships fail over time. This is a sad statistic. If you have a partner who is committing fraud but they are the primary, they can wire all the money out of the bank account and there is nothing you can do. Bank can't help you. I just spoke to my banker and he said this happened just the other day to one of his clients. The bad actor business partner changed the account so his wife was the primary and she would take out cash whenever she wanted. In my case it wasn't as bad. It was more of a pain to call my absentee business partner to do something when I didn't have the permission too. Also when I found that a few grand was missing, he refunded it and didn't do it again - until the business card was "accidentally" the default on amazon. But again, it could've been way worse. Most likely you can get a lawyer involved, but all this could be prevented if you are the primary.