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Question

iam a partner in an llc, my partner personally guranteed some of the vendor contracts am i liable for those debts

Submitted: 655 days and 2 hours ago.
Category: Legal
Value: $30
Status: AWAITING CUSTOMER ACTION
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new port richey, Florida

Answer

The LLC is responsible for the debts and should the LLC go bankrupt (and if there are debts and it goes out of business you need to file bankruptcy on it) then any debts that have been personally guaranteed by your partner are now their personal debts (unless thye also file personal bankruptcy).

Good luck. If you have any other related questions please let me know. If you found this answer helpful please accept so I can continue to help others like you in the future. Thank you.

 

Expert: Bill F.
Pos. Feedback: 99.4 %
Accepts: 
Answered: 2/6/2008

Paralegal

State Paralegal - 10 Years Hands on Legal Experience

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