Legal Question in Business Law in Florida
corporate law
in a LLC when one of the 2 partners sells their shares does all of the business debt stay with the business or is the leaving partner responsible for 1/2 the debt
Asked on 9/12/08, 10:01 pm
1 Answer from Attorneys
William Gwaltney
William W. Gwaltney, Attorneys at Law
Re: corporate law
Unless there are agreements to the contrary, the debts of a business typically remain with the business even after a sale of that business. There are exceptions and one could be that if one of the "partners" signed any debt as a Personal Guarantor he/she could still be responsible for that debt.
Answered on 9/13/08, 2:25 pm
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