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Roger, Lawyer
Category: Real Estate Law
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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iam in virginia and in process of selling my share of a small

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iam in virginia and in process of selling my share of a small business. My partners are buying me out . with the sale of my shares the are assuming all responsability of any creditors. which is line of credit and credit card. how can i be legally released of responsibility of pay back in the future if anything happens to the business. Iam on the accounts as a authorized user.
Submitted: 5 years ago.
Category: Real Estate Law
Expert:  Roger replied 5 years ago.

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney here to assist you.


Your partners can assume liability to all creditors. However, this does not effect your liability to the creditors unless your creditors release and replace you with someone else; the creditors cannot be required to do this.


All you can do is have your partners execute an indemnity agreement that says if any accounts you are personally responsible for go into default and the creditors pursue collection attempts against you, the business will defend and indemnify you. This means that if you are sued or required to pay, the business will cover you and pay any amount that may become due.


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