who is responsible

ukman · Dec 24, 2011

My business partner and I started a 50/50 partnership, he took out a personal loan for his share of the business. Does the company become liable to paying off that loan or is it his responsibility. Don't see why the business have to pay for his loan plus, still have a 50% share of the business.

OldWelshGuy · Dec 24, 2011

leaglly a personal loan is his reponsibility. If you both put the same in, he borrowed his share, then again it is his deal
Legally it is his debt, BUT if he borrowed all the money to start, then morally I would want to pay it back with him.

mahutchinson · Jan 2, 2012

The company cannot be liable for his loan but he may have guaranteed it with his half of the assets. Your half cannot be affected unless you also signed up to the loan.

rosstailor · Jan 2, 2012

i completely agree with mahutchinson

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who is responsible

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