Legal Question in Business Law in Ohio
Dissolving a Business that has debt
I would like to get out of a business with two other partners; but we have Approximately 90K of Debt. We each personally guaranteed that debt. is there a way that I can get out of the company and only be responsible for 33% of the debt? One of my partners will not co-operate on payment of his share of debt.
Asked on 5/09/09, 11:47 pm
1 Answer from Attorneys
Edward DiCato
Edward DiCato Attorney at Law
Re: Dissolving a Business that has debt
It sounds like you are in a tough situation. The creditor can come after all of you individually for the entire sum, if I am reading this correctly. It is possible that you may have to just get out and deal with the fallout later. Feel free to contact me if you wish to discuss this further. Best regards, Edward diCato
Answered on 5/10/09, 10:11 am
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