Legal Question in Business Law in Virginia

S Corp question
I am currently a partner in an S Corp, who has been fired from the company. Over the past few years, the company purchased vehicles for each of the 4 partners to drive. Mine was just purchased in March of 08. In order to obtain a reasonable interest rate, I signed as guarantor on the car loan. I did this as an officer of the company. Now I have been fired and my partners have dumped the car on me to pay for. Am I required to pay for the vehicle even though it was purchased for me to drive, as an officer in the company.

Asked on 5/20/09, 4:56 pm

Michael Hendrickson Law Office Michael E. Hendrickson

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Re: S Corp question

Yes, if you signed as a personal guarantor of the car loan, I'd say it's your car and you're liable for paying for it.

Answered on 5/22/09, 12:49 am

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