Legal Question in Business Law in Missouri

question about LLC and Debt

Hello, first here is the scenerio. I am 2/3 owner of a restaurant and my father is 1/3 owner of the restaurant, we are under a LLC in this restaurant Square 109. Then he owns half another restaurant and I got the other half in a power of attorney over my mother. Though that restaurant recently had to shut down because the building was collapsing and he tried to move his business over to our other restaurant. Anyways he says now that he wants to quit both places and leave me with all the debt. Can he legally get out of the restaurants and leave me with all the debt without me doing anything to him. I would like hime to be liable for his half of the debt. Because Square 109 just opened this year in May and in June he started taking over the books and while he had the books didn't pay taxes and I would like to make sure that he is liable for those taxes. He also says he can sue me and get out of the LLC but I really don't know how he can do that. I would appreciate any advice you could give me because I really don't know much about business law and LLC's. Thanks Denise

Asked on 12/26/06, 6:17 pm

1 Answer from Attorneys

Michael R. Nack Michael R. Nack, Attorney at Law

Re: question about LLC and Debt

This scenario as you put it suggests to me that you need to sit down with an attorney and have all of the legal documents concerning the LLC's and the businesses reviewed. I would definitely need to read the LLC documents to be able to give you any specific advice.

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Answered on 12/26/06, 9:06 pm

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