Legal Question in Business Law in Texas
Vendor debt
We recently had to close 2 locations one a dba the other a separate entity. The Guarantor is the Business and not any individuals as this is a Partnership. Both used our account to purchase materials. Are we now liable for the debt? Is there anyway to not be?
Asked on 1/07/09, 5:51 pm
1 Answer from Attorneys
James Grissom
Law Office of James P. Grissom
Re: Vendor debt
If it's a fact that you are not individually on the guaranty, then you pulled a good one. Usually, the purpose of a guaranty is to obtain personal liability. However as a dba, you are personally liable for the debts incurred. I don't know what the separate entity is, but both partners are individually responsible for the debts of the business if operated as a partnership. Good Luck.
Answered on 1/07/09, 6:12 pm
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