So now they are not paying taxes and checks are bouncing. Most of the calls we get are for the 80% owner but I need to know how liable I will be and how do I go about taking my name off. Is it easily done?
2006-08-23 05:19:50 · 5 answers · asked by GillSev 3 in Business & Finance ➔ Corporations
If you are a "passive investor", not involved in the operation, and not an officer, you will probably lose your investment. That's all.
If you are an officer in a Corp., you can resign.
That may not absolve you of any wrong doing, since it is already occurring.
2006-08-23 05:31:13 · answer #1 · answered by ed 7 · 0⤊ 0⤋
Either sell your share to someone else fast, or ask the 80% owner to buy you out. Give an excuse such as: I am taking out a new loan for my home, and I cannot have this partnership showing up.
2006-08-23 12:25:49 · answer #2 · answered by Karen Elaine 4 · 0⤊ 0⤋
You are 20% liable. The best way out is to give your 20% to one of the other investers. You lose your investment but save your ***.
2006-08-23 13:24:19 · answer #3 · answered by Richard B 3 · 0⤊ 0⤋
From what I know, being a partner of the company, you are also responsible for the company's debits. In the event that it becomes insolvent, creditors can go after you.
It may not be easy for you to move away from your involvement. Suggest you see a lawyer, dealing with corporate affairs, for proper advise.
2006-08-23 12:28:30 · answer #4 · answered by JP E 4 · 0⤊ 0⤋
If it is not a corporation, you may be in for a rough time. You are also liable, especially if it is a partnership.
2006-08-23 12:28:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋