| Partner Leaving LLC
I am a co-owner of an LLC in Georgia. My partner has decided to leave the business. She is signing over her shares of the business to me, which will give me 100% ownership. She is not selling her shares. She is quitting the business outright.
In starting the company about 2 years ago, we both used personal lines of credit to fund the business. As part of our separation agreement, we both agree to take personal financial responsibility for each line of credit. Her line of credit bought a spray tank, which is mounted on one of our pick-up trucks. She claims that if I keep this tank, I should repay her for it because it is a hard asset. I claim my line of credit was used for items just as important to running the business (i.e., fuel, fertilizer, chemicals, rent, etc.) and although theses items cannot be recovered and sold, they were 'tools" for the business in the same way the spray tank is.
It seems to me, her line of credit, as well as mine, are investments in the business. Sometimes you lose investments.
Any thoughts?What is the name of your state (only U.S. law)?  | 
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