Unless you are in a business that requires the owners to clear background checks (such as a liquor store), there is no law that would require the owners to disclose their criminal law background to the government or to their co-owners.
You have a duty to do your own due diligence. If your partner's criminal law background was important to you, you should have checked into it before becoming partners.
An important question likely is "what do you want to do with your partner's criminal law background?" Are you looking for ways to get out of the business?
You should review the specific facts with your attorney to find out your legal options.
I agree with the previous answer. Did you ask the question? is it in writing? As Mr. Nguyen points out the duty to know who are working with is yours unless the industry is regulated.
Good Luck
Unless the conviction is somehow a dis-qualifier for conducting your business, she violated no laws. You needed to ask the question up front if it was important to you.