QUESTION

Will I be responsible for any company finance issues once I transfer my shares of a incorporated company over to my partner?

Asked on Oct 04th, 2012 on Business Law - Illinois
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1 ANSWER

Business Transactions Attorney serving Los Angeles, CA at Doland & Fraade
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Normally, an owner shareholder is not liable for corporate debt while a shareholder, and also not after transfer of shares. However, a lawyer would want to interview the client, learn of all existing debt on the date of transfer, all contracts in existence, etc. This is analysis, not legal advice.
Answered on Oct 05th, 2012 at 11:16 AM

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