Legal Question in Business Law in Georgia
Business Law Litigation
I had a busines with a friend of mine and it is very complex so I will just list the items shortly.
~I was 51% & she was 49% in out LLC. We needed money for the business to help it grow and her parents got a home equity line on their homev(without my approval) and she deposited the money into our account. She wrote all the checks to vendors and then later that same year she went to have surgery & said she wasnt coming back to work.I was left holding the ''bag'' so to speak and had to close everything out.Now her parents want their loan paid (which there is no contract signed by LLC or me) and they filed a lawsuit and we now just went to mediation today.They are coming against me & my husband which he had nothing to do with the business or the money.The only thing they are saying they have him with is a credit app that I filled out in his name for a credit card machine.He never got it though.So now they are trying to agree if I pay the payments they will take him off,but the mediator wants me to sign something saying I wont go bankrupt.I dont feel good about this and wanted to know what you thought I should do?
2 Answers from Attorneys
Re: Business Law Litigation
If you want to know what you should do, get a lawyer. No one here can blindly give an opinion on litigation based on a few sentences.
Re: Business Law Litigation
To echo what Mr. Riddle stated, you need to have a business attorney review the entire situation and provide some guidance and/or representation. However, it does seem that based on your facts that you are not the proper party to be sued since the loan was made to either your partner or the LLC itself. Unless you voluntarily accepted such obligation, you are probably not responsible for the loan.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
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