Regarding dissolving partnership question - what liabilities am I likely to face from leasehold of business location, or

Hi.  I think we are talking on two threads.

Is the business a corporation?  An LLC?  A partnership?  (These are all different from each other.)

Okay.

1. Did you personally guarantee the bank loan?  (My guess is YES, but I am just guessing)

2. Did you personally guarantee the lease agreement?  (My guess is YES, but I am just guessing)

Thank you for clarifying.

In that case, I am sorry to tell you that would be personally liable if the LLC (or the other member) fails to make the loan payments or the rent payments even if you dissociate yourself from the LLC.  That's the reason the bank and the landlord wanted you to personally guarantee the LLC's obligations - they did not want you to be able to just walk away from the LLC and be in the clear.

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I really wish I had better news for you, but I am ethically required to give you my honest legal assessment of the situation.

Have I given you a satisfactory response (even if it is not what you were hoping I would say)?

You are welcome. It was my pleasure to assist you. Any bonus you think I have earned would be much appreciated. :)

Cheers!

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