What is the name of your state (only U.S. law)? Miss
i am a silent partner in a used car dealership in MIssissippi. I own 39% of the company. It is an S corp. I have NO day to day responsibilites and the person running the biz owns 25%. He just called me to say that we are out of trust with our lenders. Besides being personally liable<we signed personal guarantees>, can I be held liable for any type of fraud? I have had no communication at all with the person running the business over the last few months, and being "out of trust" was just told to me today? Please help! Thanks!!
i am a silent partner in a used car dealership in MIssissippi. I own 39% of the company. It is an S corp. I have NO day to day responsibilites and the person running the biz owns 25%. He just called me to say that we are out of trust with our lenders. Besides being personally liable<we signed personal guarantees>, can I be held liable for any type of fraud? I have had no communication at all with the person running the business over the last few months, and being "out of trust" was just told to me today? Please help! Thanks!!