Let's say you are the owner of a house. And, while you are the owner, the house burns down. Now you want to remove your name as the past owner of this house. It is not going to happen. The recorder of Deeds has you as the past owner. They cannot back-date documents,
This applies to your equal partnership in an incorporated business. You cannot back-date ownership documents. Based on your ownership, you may be responsible for the past actions, unless you were just a non-affliated shareholder. Unfortunately, you stated you were a equal partner. This would most likely hold you liable for the past actions of the entity. What you can do, is review the By-laws to determine how you can opt out going forward. If this is partnership and not a corporation, the Operating Agreement may give you additional options how you can sell your partnership interest to the other partners.
Answered on Mar 01st, 2021 at 6:22 PM