Michigan  |  Business Law

Legal Question

Asked on: 12/06/06, 10:36 am

going out of business

I am one of three partners of an S Corp in Michigan. We are having financial problems and are closing doors. What happens with the debt of the company? Is it split three ways? What about the expenses I've paid out of pocket? How can I get my partners to chip in? My partner is trying to get me to pay 1/3 of his attorney fees, the attorney actually

sent me a bill to my home. Am I liable for that? What about expenses he's paid out of his pocket. And my other partner has hired an attorney to personally sue me for mis-management as the President of the company.....he was a silent partner. Help.

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