QUESTION
How can I find out, if I am added as a partner in a business? And how can I not be liable for his business debt?
Asked on Jul 31st, 2014 on Business Law - California
More details to this question:
I found out that I am holding a 30% partnership in my Husband's LLC. He claimed this in our Tax return the last 3 years. I found out this year about it. I don't know where else I should look to get more info. My other question is, What forms do I have to have him sign to remove my liability for his debt in his business?
1 ANSWER
As a general rule, owners of llc's are not personally liable for the llc's debts so, unless you signed a guaranty (or your husband forged your signature) agreeing to be personally liable for the llc's debts, you are not. That's the main reason why people form corporations or llcs in the first place.
If your husband won't give you further information, you can get certain documents from the government department where the llc is registered (not sure what agency in California), or from suing your husbsnd for such information. If you still wish not to be listed as an owner of the llc, and your husband won't voluntarily agree to remove you, you can sue him for that relief as well.
Answered on Aug 01st, 2014 at 8:17 AM