Legal Question in Business Law in Illinois
I'm in a General Partnership with another partner. I withdrawing my name because I'm not satisfied with some issues involving the business. The remaining partner stated to me that he will take 100% responsibility for all liabilities including taxes. First, can this be done legally? If so, should I get an attorney involved?
Asked on 10/30/11, 12:45 pm
1 Answer from Attorneys
The responsibility for taxes may just be your partner's willingness to indemnify you if there is an issue. So yes get an attorney involved to review the partnership agreement, if any, and/or draw up the proper exit papers whether there is one or not.
Answered on 11/03/11, 8:27 am
Related Questions & Answers
-
I was promised 5% for a 50 million doller project but not in writting, will i get it... Asked 10/30/11, 8:53 am in United States Illinois Business Law
-
Is is legal for a company to buy product X at $50 and advertise sale $75 have stock... Asked 10/28/11, 8:37 am in United States Illinois Business Law
-
I am trying to start a consulting business to help companies bid and win contracts... Asked 10/27/11, 8:10 am in United States Illinois Business Law
-
What are four conditions that could cause a contract to be terminated by law? Asked 10/26/11, 6:49 pm in United States Illinois Business Law
-
I would like to print and sell school-inspired t-shirts to local residents. Can I... Asked 10/25/11, 3:39 pm in United States Illinois Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
