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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118788
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I'm listed as an owner of a business. I got the credit to

Customer Question

I'm listed as an owner of a business. I got the credit to get the business started now my partner is behind on all the bills to get the business started. The bills are in my name. Is there anyway I can liquidate part of the business to get money to pay the late bills since I'm listed as an owner? If not, what are my legal options?
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unless you have agreement from the other business member, you would need to look to your operating agreement and if you do not have one, then it would take a court order suing to dissolve the corporation to get your money to pay the bills. So the first step is it takes a vote of the members of the company to liquidate assets. If you cannot agree on liquidation, then you would go to mediation to try to resolve it or you have to file suit to get a court order to liquidate and/or dissolve the business.