Legal Question in Business Law in Illinois

business liability part 2

Here is more information for the previous question nder the same subject.

The challange throughout the business was that it had no structure. It was not an LLC, there were no legal documents with both of our names and signatures agreeing to any type of division of responsiblities or liabilities. The only place that our names appear is on teh business cards and on the registration form for the county clerk. A notice was placed in the newspaper regarding the creation of the business. One big issue was that my ''partner'' claimed he got a liability policy, but never would produce a copy. I created the name and logo for the company, and I would like to keep using them. The business also uses my home address as the business address. I am just concerned about exposing myself to liability if he tries to preform work under the business name and damages something.

Thanks for the help.

Asked on 2/09/09, 10:48 pm

1 Answer from Attorneys

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove
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Re: business liability part 2

The cleanest and easiest way to deal with this is to completely shut the business and make a complete break. However, it appears from your submission that you want to continue the business, but without the partner. Hindgsight is 100%, if there is a next time consulte with an attorney before you form business so that there can be a dissolution and buy out procedures incorporated in bylaws or partnership[ agreements. Now, it is really too complicated to proceed as you desire, without an attorney, and I am afraid to say that it is going to be much more costly than if you had consulted with an attorney before going into business. You need to hire an attorney as what you are asking is too complex for this forum. Good luck.

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Answered on 2/10/09, 7:18 am

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