Legal Question in Business Law in Maryland
I have been a principal for 9 years in my firm with a partner. We are an S corp, which he had established before I joined. We have acted as partners with everything but never got around to officially making a partner agreement. I am now leaving, and am concerned with liability. I co-signed our office lease and computer lease, and the business has debts. If I am not on the corp doc's am I liable for any of this? What should be done before I leave?
2 Answers from Attorneys
It depends on whether you personally guaranteed the lease(s). What do the corporate documents state? You should consult with an attorney in Maryland for specific legal advice regarding your situation.
As an acting director for the corporation you bear liability for the transactions. The capacity of all those appointed through corporate articles as well as customary practices bear upon the extent of your interest. There are many matters relevant to your inquiry which need to be discussed. Contact my office for a free consultation.
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