Partnership and Credit Card Debit

[SportRecBiz]

What is the name of your state (only U.S. law)? Massachusetts

I am a business partner in a business (LLC structure) that may be forced to cease operation. The credit cards for the business were obtained by me under the business tax id. The cards have a significant balance and my business partner has made clear that if the company defaults he will not or can not take ownership of his half of the debt leaving me with the entire balance.

My question is do I have a case to sue my business partner for the half of the debt he is liable for because we are 50/50 partners and both officers of the company.

[Antigone*of*Greece]

Originally Posted by SportRecBiz

What is the name of your state (only U.S. law)? Massachusetts

I am a business partner in a business (LLC structure) that may be forced to cease operation. The credit cards for the business were obtained by me under the business tax id. The cards have a significant balance and my business partner has made clear that if the company defaults he will not or can not take ownership of his half of the debt leaving me with the entire balance.

My question is do I have a case to sue my business partner for the half of the debt he is liable for because we are 50/50 partners and both officers of the company.

That will most likely be the case.

The credit card that you obtained probably has a personal guarantee attached to it. Hopefully both of you signed it.