Legal Question in Business Law in Louisiana

Former LLC partner wants to see our business taxes

Should i give my ex business partner my business tax returns? The business has only debt and i assumed all of the liabilities. In return my partner walked away free and clear. All creditors have been paid and former partner is legally no longer a part of the business. The agreement was finished in Nov 08. She has not been in the store since march of 08. Do i have to give them this information? It seems to me that they are getting the best of both worlds? Take any business deductions and not have any debt responsibilities. Any advice would be appreciated.

Neither of us has ever been paid an income from the business.


Asked on 3/17/09, 11:35 am

2 Answers from Attorneys
Nick Pizzolatto, Jr. Pizzolatto Law Office

Re: Former LLC partner wants to see our business taxes

I have not seen the agreement you signed with your ex-partner, but I would give them nothing. You need legal representation, both personally and for your business. You can pay them as you go and develop a business relationship with them. Lafayette has many very good, and reasonable attorneys.

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Answered on 3/17/09, 11:50 am
Johm Smith tom's

Re: Former LLC partner wants to see our business taxes

I see no reason why you should give her this information, but I don't know what is in your contracts with her. Call if you want me to spend some time on this with you.

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Answered on 3/17/09, 5:33 pm


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