Legal Question in Business Law in Ohio
business owners@ corporate offices responsibilities& liabilities
My fellow co-owner& fellow corporate officer, who had talked me into taking up in business with him did not perform any corporate acts as he was suppose to,walked out on the business. he left me with back sales tax that i am trying to catch up on. i have invested everything I have. he invested very little and could of help get caught up. Am I the only one liable? It was a 50/50 share ownership.
1 Answer from Attorneys
Re: business owners@ corporate offices responsibilities& liabilities
The corporation is liable for its debts. If it involves obligations like taxes, the state or feds will go after the two of you individually if corporate assets are insufficient. As for other obligations, you can sue him for contribution.
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