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...distribute the business debt? My business partner and I started a business about 6 years ago and it just didn't work out. We took out a line of credit from the bank for $100,000 in which case he took out a $20,000.00 withdrawal for his personal use. The business has since gone belly-up with about $50,000 debt and I want to create, modify or obtain a legal document that shows he is responsible for $35,000 of the debt (due to his personal borrowing) and that I am only responsible for $15,000.
My lawyer wants to charge me a ton of money for this, which I don't mind but I need the form FAST since my partner just agreed to sign.
Does anyone know where I can find such a form to modify with my business information that will hold up in court (if we ever need to go to court that is). What would a form like this be called?
THANKS!
My lawyer wants to charge me a ton of money for this, which I don't mind but I need the form FAST since my partner just agreed to sign.
Does anyone know where I can find such a form to modify with my business information that will hold up in court (if we ever need to go to court that is). What would a form like this be called?
THANKS!