Legal Question in Business Law in Texas
My business partner used his personal credit card to pay for business expenses and then quit the business. We have NO paperwork, contracts, agreements or anything on paper at all. Do I have a legal obligation to pay my ex-business partners debt that he incurred while in the business? Or no, since he left and quit?
Asked on 2/10/14, 8:39 pm
1 Answer from Attorneys
Mark Dunn
Mark D. Dunn
You did not incur the debt. You are not personally liable for the debt.
SOMETIMES (Sears does this when you make a credit card purchase) the credit card "lender" takes a purchase money security interest in what was bought - it's buried in the fine print. This does NOT create personal liability, but conceivably the "lender" could assert a lien on what was bought. This question usually arises in connection with bankruptcy.
Answered on 2/11/14, 6:57 am
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