If I own only 9% of a business am I only responsible for 9% of a business line of credit?
Asked on 12/10/10, 7:42 pm
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
As a Franchise Attorney I can say it's not possible to even begin an answer without more information. What kind of business is it; corporation, LLC or ? Was the business line of credit signed or personally guaranteed by parties other than the business entity. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
Answered on 12/16/10, 7:19 am
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