Thursday, August 21, 2014

If a business partner quits the business due it it failing can he be held accountable to share the debt left over after LLC was dissolved?

Question

If a business partner quits the business due it it failing can he be held accountable to share the debt left over after LLC was dissolved?



Answer

Certainly. He should be responsible for debt in the same share/percentage of his ownership interest. If he was getting 50% of the profit, he owes 50% of the debt.



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