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Asked in NY May 26, 2022 ,  0 answers Visitors: 2

coporation buy out

was partner in flooring corp. sold it to other partner .am i responable for past work

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Anonymous
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Posted on / Aug. 14, 2008 18:42:00

Re: coporation buy out

Depends. Was your business incorporated? If so, then you have no exposure except to the extent your labor went into a floor and you did it so carelessly that the owner sues you for negligence and not just breach of contract.

On the other hand, if your business was a general partnership, you are personally liable for all the debts that the business incurred while you were a partner.

It's possible that your former "partner" agreed, expressly or impliedly, to indemnify you, but one would have to read the papers to answer that question.

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