Legal Question in Business Law in North Carolina

How do I separate myself financially from my former business partner? We have a business checking account of which I am a signatory. We are in the process of updating the signatories to remove my name? But are there other documents that you would recommend should be completed by both parties so that I am not held legally responsible in the future with my former company?


Asked on 10/26/10, 2:55 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say it depends on a couple factors. What kind of business entity do you have - corporation, partnership or LLC? Various options depend on the type of entity, and whether a buy-out or winding up and dissolving is the best way to proceed. This is not a simple bulletin board-type question. Consult with a good business attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Attorney

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Answered on 10/31/10, 5:26 pm


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