QUESTION
I am a minority owner of a business. I don''t want to be in business together anymore because of disagreements. We have a 3 yr lease with1 1/2 left
Asked on Feb 23rd, 2012 on Business Law - Georgia
More details to this question:
The lease is not in my name but the other owner signed a personal agreement that i did not. She is saying that I am still responsible for it. Is that true? She doesn''t want to buy me out and I am not paying the money she is asking for the buy her out because of the decline in business. Do I have a way out?
1 ANSWER
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As a general matter, you are not liable for an agreement you didn't sign, although there are alternative theories on which your co-owner could assert claims against you (such as that you agreed, even orally, to contribute to the expenses of the business). You should consult with an attorney who practices business law and litigation to review the documents and your particular circumstances.
Answered on Feb 24th, 2012 at 9:37 AM