Legal Question in Business Law in California
Corporation has 3 Partners. Corporation is losing money from losing profit, and increasing its debts. Partner A does not want to lose any more. How can he be released from more liabilities from Corporation?
Asked on 8/29/16, 9:32 am
1 Answer from Attorneys
Corporations do not have partners. Corporations have shareholders. The shareholders are not liable for the debts and liabilities of the corporation beyond what they have invested in the corporation. If a shareholder wants out of a corporation, they must sell their shares.
Answered on 8/29/16, 9:49 am
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