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Well, she could be coming against you for breach of contract, fraud, and/or breach of fiduciary duties. As a partner, you owed your partner(s) a fiduciary duty, and if she can show that you violated that, then she might be able to recover. Bear in mind there is a 4 year statute of limitations on fraud and a 5 year statute of limitations on contract actions, so she is probably within that.
Has she only threatened you with action or has she already filed? This will guide what you do from here on out.
Any claim that she would have would have to "pierce the veil" of liability protection that you were under. She would have to show that you under-capitalized the business or engaged in fraud or whatever. She might sue just so she can look at the documents to see if she has a case in the first place.
So long as you acted correctly and this was merely a business that did not succeed (and you didn't take any big risks), then you should be okay. That doesn't mean you won't be sued, but you should probably prevail
That being said, I would talk to an attorney regarding this case. This is something that you want competent local counsel telling you the steps that you should take.
Good luck to you!
I understand that. Your responsibility was to not take unreasonable risks, under the circumstances. If you did your due diligence and thought this was a good investment, and this woman knew those risks, then you should be fine.
In terms of documentation, get what you can find. So long as you didn't destroy or otherwise lose the documentation to hide evidence, you should still be okay. If you did, however, then there is going to be a presumption that the evidence was against you. This is whether the judge believes that you destroyed it or lost it because it was bad for your case. If he doesn't believe this, then you should be okay.
In terms of what will happen if you don't win, that is contingent upon this woman "piercing the veil" of asset protection (LLC and LP are limited liability organizations and so need this doctrine to get to personal assets). If she is able to pierce the veil, then she can come after personal assets. But if not, then she can only go after company assets, and as the companies are dissolved and have nothing, then there is nothing that she can get.
Hope that helps. Good luck!
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