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Selling a Business in Debt

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M

momof2boys1131

Junior Member
What is the name of your state (only U.S. law)? PA
I bought a restaurant with a partner 2 years ago. She walked away 4 months into it and never returned. The business was drowning in debt so I sold it. I paid some of the debt at settlement and set up a payment schedule and have been slowly paying it down. My partner recently came back and thinks I made a profit (which I didn't, obviously) and she wants me to pay her part of the sale. Apparently she doesn't understand that there was NO profit and ALOT of debt. Isn't she legally responsible for part of the debt?
 


Zigner

Zigner

Senior Member, Non-Attorney
momof2boys1131 said:
What is the name of your state (only U.S. law)? PA
I bought a restaurant with a partner 2 years ago. She walked away 4 months into it and never returned. The business was drowning in debt so I sold it. I paid some of the debt at settlement and set up a payment schedule and have been slowly paying it down. My partner recently came back and thinks I made a profit (which I didn't, obviously) and she wants me to pay her part of the sale. Apparently she doesn't understand that there was NO profit and ALOT of debt. Isn't she legally responsible for part of the debt?
Click to expand...
It would depend on how your partnership is set up. Unfortunately, we are not privy to those arrangements.
 
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