How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 37959
Experience:  Retired (mostly)
10097515
Type Your Business Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

I am the scretary for a s-corp in NC, and also a signee of

Customer Question

I am the scretary for a s-corp in NC, and also a signee of a promissory note for the business. I'd like to remain an officer of the corp, but remove my name and any responsibility to the loan. What are my options?
Submitted: 6 years ago.
Category: Business Law
Expert:  socrateaser replied 6 years ago.

I'm not entirely clear on your facts, but if you mean that you have personally guaranteed a business debt whether to a third party creditor of the corporation, or to the corporation itself, then the only way to obtain a release from liability, other than to pay off the note, or have the corporation pay it off for you, would be to convince the lender to release you in favor of some other person's voluntary guarantee.

 

Hope this helps.

 

Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Related Business Law Questions