Legal Question in Business Law in Texas
My friend and I took out a personal loan (we both signed on it) for $12,000 with 7% interest over 24 months.
We put the money into our business.
The business made three payments, then my friend / business partner quit the business and made no efforts to pay his half of the loan.
I have paid the full loan amount for the last 12 months out of the business account.
Is he responsible for his half of the loan still? Even though he quit? Am I able to sue him for the last 12 months of his share?
1 Answer from Attorneys
Possibly. It would depend on the agreement between you two. If there is no written contract, you're going to have a tough time of it. If the business is viable, you might see about having him give you his half of the business in exchange for your covering his half of the debt.
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