Legal Question in Business Law in Texas
Business partner quitting - what are my rights?
My sister and I started a monogramming business 2 years ago - we are still $25,000 in debt. She informed me today that she's moving out of town next month. Am I going to be responsible for the entire debt or is she legally responsible too?
Asked on 12/06/04, 11:39 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Business partner quitting - what are my rights?
As partners, you are jointly and severally liable for the partnership debts. If she is dissolving the partnership you need to do a final accounting and apportion profit and loss accordingly. If she tries to just walk away and stick you with the whole debt, you can sue her for her portion.
Answered on 12/07/04, 10:08 am
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