Legal Question in Business Law in Texas
I am a 33% partner of a business which has incurred a loss and was a corporation. After making an initial investment when my partners asked me to put more money I told them I did not have it and that to take me off the partnership. That didn\'t happened and the two other partners kept trying to run their business as per their will. Now finally they have closed down the business and are telling me that I owe them two hundred thousand dollars. do I owe them anything ?? I had told them I can invest anymore . please help me
1 Answer from Attorneys
Possibly. You state in your question that the business was a corporation and that it was a partnership. Under Texas law a business cannot be both. It can be various partnership forms or a corporation. The entity type determines your exposure to the liability of the business as well as your potential defenses and counter-claims against the other owners. You need to talk to an attorney NOW about this situation. This is unlikely to go away by ignoring it and may become far worse by hoping it will just disappear into the night.
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