Legal Question in Business Law in North Carolina

Hello. We are part owners in a company. Every year profits and losses are reported to the govenment and we have to report it on our taxes. We need to get out of the venture, as it's not profitable. The owner has no money to buy us out, so we are going to put in writing that we are loaning him the money and we are out of the business. Is this something that can simply be notarized or do we need to have legal documents drawn? Also, does said paper work need to be submitted to the government, the way he does for taxes? Please advise. Thank you.


Asked on 10/12/11, 11:16 am

1 Answer from Attorneys
Patrick Tracy Patrick J. Tracy, Esq, P.E.,

This is the easiest way to get into a long drawn out legal adventure. You deed an attorney to prepare necessary documents for you to sign as well as an agreement to remove you from the business as well as subsequent filings with the state of North Carolina. This is over and above filing your tax returns. Find a good business attorney and do this the right way.

Good luck!

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Answered on 10/12/11, 11:31 am


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