Resignation of director Nevada based corp
I am an equity partner in a small Nevada based Corp 4 people, we do conduct business in California. I was named in a BS lawsuit which is still unfinished. If I resign from my position will I be personally responsible if BS lawsuit is awarded to plaintiff?
(Lawsuit is a divorced partnership which ex partners where distributors of our product and failed to produce results under agreement)
Re: Resignation of director Nevada based corp
The answer may depend on whether you have a partnership or a corporation. If it was a partnership and you were a partner, the chances of your being personally liable are higher than if it was a corporation and you were an officer. However, you still may be held liable as an officer.
Merely "resigining" may not protect your interests or insulate you at all. I also suggest being very careful about simply ignoring the lawsuit if you are named as a defendant -- if that is what you are suggesting by stepping down. The lawsuit could still prceed against you and plaintiff could obtain a default judgment against you and then collect on it.
Without more facts about the situation, I cannot provide any additiopnal analysis. I suggest that you hire a lawyer to review the matter and give you more detailed advice.
Good luck.
Re: Resignation of director Nevada based corp
The answer may depend on whether you have a partnership or a corporation. If it was a partnership and you were a partner, the chances of your being personally liable are higher than if it was a corporation and you were an officer. However, you still may be held liable as an officer.
Merely "resigining" may not protect your interests or insulate you at all. I also suggest being very careful about simply ignoring the lawsuit if you are named as a defendant -- if that is what you are suggesting by stepping down. The lawsuit could still prceed against you and plaintiff could obtain a default judgment against you and then collect on it.
Without more facts about the situation, I cannot provide any additiopnal analysis. I suggest that you hire a lawyer to review the matter and give you more detailed advice.
Good luck.
