Massachusetts | Business Law
12/10/08, 4:51 pm
Legal Question
S Corp Contract_Company Debt
My husband and 1 partner formed an S Corp. The business closed earlier this year and the 1 partner stopped making credit card payments and the bank took our money from personal savings since it was the same banking institution. What kind of recourse do we have against partner since we paid the company debt in full? There is a contract stating partnership is 50/50. The amount of debt was $10,400. Is it worth it to pursue legal action? The partners does not have many assets to go after. Right now my husband and I covered 100% of the company debt out of our own pocket.
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