Legal Question in Business Law in Illinois

Corporation - Selling of Ownership Interest

My husband sold his shares/ownership in a corporation just a month ago. There are three partners. The new partner that took over does not want to assume personal liability on the corporate credit cards. My husband opened them up when the company first started in the corporate name but him being personal guarantee. All partners do not want to assume liability of those credit cards even though they charged company debt. Is my husband still liable and how do we get the partners to assume the corporate cards even the new partner does not want the personal guarantee on the corporate cards. Also there is back payroll taxes due that my husband was also one of the signors on the checking account. Is he still liable? The agreement has a provision'' The parties shall execute and deliver all other appropriate supplemental agreements and other instruments and take any other action necessary to make this Agreement fully and legall effective, binding and enforceable. Also: Purchaser agrees to purchase all of Selling Shareholder's membership, stock, assets, liabilities and interest in the respective corporate entities on the terms and conditions. The credit cards were not listed as a condition. They charged on the credit cards recntly


Asked on 5/01/08, 1:17 pm

1 Answer from Attorneys

John Steele Steele Law Firm

Re: Corporation - Selling of Ownership Interest

Obviously if the partners refuse to do what they should, then your husband needs to sue them.

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Answered on 5/02/08, 8:54 am


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