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I very recently got involved with a friend who has an

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I very recently got...

I very recently got involved with a friend who has an existing business and decided to bring me in as a partner due to my good credit standing as his partner am able to take out banks. I need advice on how to protect myself financially. I have never ran a business so I just hear his side of everything.

Lawyer's Assistant: What state is this in? And when did the issue begin?

As his partner I am able to take out bank loans.

Lawyer's Assistant: Has anything been filed or reported?

Not to my knowledge, I have only filled out and on line partnership agreement, we have also filled out life insurance documents.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We did get an $8000 cash loan from compass Bank and a $24000 credit card from navy federal which I have stop all further charges on that card after he transferred $7000 without my knowledge or approval.

Submitted: 10 months ago.Category: Business Law
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Answered in 8 hours by:
9/6/2017
Business Lawyer: DamienJD, Attorney replied 10 months ago
DamienJD
DamienJD, Attorney
Category: Business Law
Satisfied Customers: 5,153
Experience: Attorney. Well versed, understanding, friendly
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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Business Lawyer: DamienJD, Attorney replied 10 months ago

Who signed for the loans? Was there any personal guarantee? Also, who signed for the credit card? Did you put any money in the business?

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Business Lawyer: DamienJD, Attorney replied 10 months ago

Hello. I have not heard back you. Are you still looking for help on your question? If so, please let me know. Thank you.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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