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We have a small business that is a Corp. It is made up of my partner and myself. I want to end the partnership because of unresolvable differences and to protect myself from further financial liability. How difficult is it to do when it is a Corp. I need to protect myself from his further poor judgement and insistance on increased debt that can not be pay back to others. I prefer to avoid bankruptcy if possible but all the credit card debt is in my name.
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First of all, arrange to take your partner off your credit cards as signatory. Then he cannot charge anything more to YOUR cards. Then get out the bylaws of your corporation... you did have a lawyer make a set?
Find out how to go about dissolving the corporation from that reading. If there are no bylaws, then you should go to your state model statutes for corporations and read up on dissolving a corporation like yours. Get a lawyer, show him what you've found but proceed to arbitration if possible rather than the courts. Your lawyer can help you figure out whether the credit card debt is yours forever or if you can sue your partner to force him to sell the corporation or liquidate it to pay off the debt. |
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