Legal Question in Business Law in Rhode Island

How to remove your name from this business would depend on who your husband told that you are President. For example, if he listed you as President in filings with the Secretary of State, then you could send a letter to the Secretary of State representing that you never agreed to serve as president and do not accept such position. Theoretically, anyone could name anyone else President, but if it is without the person's knowledge and consent, such an appointment would ultimately be ineffective.

As for the home equity lines of credit, you would be responsible with your husband if you signed the promissory note agreeing to repay the loans.

I suggest you see competent counsel to review all the documents related to your being named an officer and to the loans.

For your information, LawyersCollaborative offers a Limited Engagement where one of our Staff General Counsel will spend up to an hour and a half meeting with you and reviewing documents, etc., for a fixed fee of $250, which is less than Staff General Counsel's standard $300 hourly rate.

In any event, though, best wishes,

LawyersCollaborative

The other attorney is on point here. The home equity loans are your joint responsibility to repay. You can simply resign as President and if any filings were done with the Secretary of State listing you as President, make sure these are corrected. Consult with a good business attorney in your area for specific advice.

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

Franchise Attorney