Legal Question in Business Law in Minnesota
My husband started a business a couple of years ago with the help of a friend being a silent partner. They set it up as a Business Corp with the state. The company is longer running and there is a loan and credit card debt with the company. Both the loan and the credit card are in both names. Is there any way to dissolve the company and have the debt only in 1 person's name? We can no longer afford the debt payments and would like to file a business BK but my husband doesn't want it to affect the other partner's credit. Any advise would be greatly helpful. Thank you for your time.
Asked on 1/17/12, 11:16 am
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
You will need to get signoff by creditors or pay off the debt.
BKY would be prohibitively expensive and not likely necessary.
Call or email for assistance.
Answered on 1/17/12, 3:26 pm
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