Legal Question in Business Law in Virginia

business partner
A business partner and I have a construction business in Northern Va.
This is my first time owning a company, this is his third or fourth so I left the legal stuff to him. We are both owners but he handled everything from finances to the hiring and firing and I received a bi-weekly paycheck. The company was not making money so my partner took out a number of loans in his personal name without really including me in this decision. I was getting my paychecks thanks to this loan but it was also used for extraneous items such as extra trucks. We are now going our separate ways since the business is not making any money. He is telling me that I owe half this debt of $180K. What are my rights here. I do not feel I owe this money since I was not part of the loan, but I am a partner and was receiving paychecks. If he decides to take me to court, am I liable for this money?

Thank you,

Ram

Asked on 2/27/08, 1:00 pm

Daniel Press Chung & Press, P.C.

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Re: business partner

It depends on how this was all structured. You may or may not owe it. You need to see a lawyer to go over the details.

Answered on 2/27/08, 1:47 pm

Robert Strupp Robert J. Strupp,Attorney at Law, PLC

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0 attorneys agreed

Re: business partner

More information is needed to understand the business relationship. I suggest that you consult with an attorney.

Answered on 2/27/08, 2:25 pm

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