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If I was in business with a partner and she and her family…

Customer Question
If I was in...

If I was in business with a partner and she and her family had taken out a loan for the business and on our original articles I owned 51% of the company and she owned 49% of the shares and I just found out through conversation she was saying that she had to produce paperwork to get a loan she falsely altered the shares without my knowledge, and received a loan, am I obligated to repay on the loan

Lawyer's Assistant: Because laws vary from state to state, can you tell me where the company is registered?

Texas

Lawyer's Assistant: Has anything been officially filed? If so, what?

Yes the original document that show I own 51% of the shared and she has 49%

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

Plus she also had did some kind of docusign to her email to keep me unaware, and no that I'm not wanting to do business do she have the right to make me leave the business or she should leave

Submitted: 8 months ago.Category: Legal
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Answered in 5 minutes by:
9/20/2017
Lawyer: Roy Hadavi,
 replied 8 months ago
Roy Hadavi
Category: Legal
Satisfied Customers: 1,280
Experience: Attorney at Law Offices of Rosenstein & Associates
Verified

Hi. My name is ***** ***** I am a licensed attorney. I would be happy to provide assistance. Please give me a moment to formulate a response. Also, please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Lawyer: Roy Hadavi,
 replied 8 months ago

If the loan is in the name of the business, then the business is liable for the loan. If the business is a partnership, you would be personally liable for the loan. If the business is a corporation or LLC and you did not sign a personal guarantee for the loan, you would not be personally liable. However, it seems that you may have a claim for fraud against your partner.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow-up or clarification questions, please ask! There is no additional fee. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service (hopefully Excellent/5 stars!) at the top of the screen. Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating! A BONUS is also appreciated if you feel I've earned one today.

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Roy Hadavi
Category: Legal
Satisfied Customers: 1,280
1,280 Satisfied Customers
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