Legal Question in Business Law in Colorado

My husband and his partner shut the doors to their small business about a year ago, cause lack of money but we didn't sign anything stating it was finished.For all the businesses that they owed money to,are now calling Me and my husband which we cant afford to pay them all, We tell them that there is a partner also they should get a hold of him,but he has left the state we think, no word or anything from him.we think he went to Arizona My question is What can we do about this?


Asked on 8/31/11, 11:50 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

As a Franchise Attorney I can only say that's a big disadvantage of being a partner in a partnership. The creditors can go after your husband and he would have to try to collect half of whatever he has to pay from his partner. Depending on the total amount owed the various creditors, you may need to consider filing for bankruptcy. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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Answered on 9/01/11, 9:56 am


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