Legal Question in Business Law in Louisiana
company I sold
I sold my portion of a company to my partners in March of 2006. We had two lines of credit which we all guaranteed. One line has been covered but I get a notice on the other every month. What legal rights do I have? Should I be receiving something for the liability I am assuming?
2 Answers from Attorneys
Re: company I sold
You should have had your name removed from the credit lines when you sold your portion. AND, YOU SHOULD HAVE HAD THE PARTNERSHIP AND PARTNERS HOLD YOU HARMLESS FROM ANY FURTHER PERSONAL RESPONSIBILITY UNDER THE LINES OF CREDIT. The lenders have you, so that if the partnership defaults, you can be held liable and would then have to go after the other partners. GET THE LINES TRANSFERRED TO OTHER LENDING INSTITUTIONS WITHOUT YOUR NAME CONNECTED TO THEM, AND HAVE THE PARTNERSHIP AND PARTNERS HOLD YOU HARMLESS FOR ANY LIABILITIES OF THE PARTNERSHIP FROM THE PRESENT ALL THE WAY BACK TO THE FORMATION OF THE PARTNERSHIP.
Re: company I sold
You should have had your name removed from the credit lines when you sold your portion. AND, YOU SHOULD HAVE HAD THE PARTNERSHIP AND PARTNERS HOLD YOU HARMLESS FROM ANY FURTHER PERSONAL RESPONSIBILITY UNDER THE LINES OF CREDIT. The lenders have you, so that if the partnership defaults, you can be held liable and would then have to go after the other partners. GET THE LINES TRANSFERRED TO OTHER LENDING INSTITUTIONS WITHOUT YOUR NAME CONNECTED TO THEM, AND HAVE THE PARTNERSHIP AND PARTNERS HOLD YOU HARMLESS FOR ANY LIABILITIES OF THE PARTNERSHIP FROM THE PRESENT ALL THE WAY BACK TO THE FORMATION OF THE PARTNERSHIP.
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