K
kailus
Guest
I am 50% partner in a Minnesota S-Corp. My partner and I have and joint home equity loan that takes our homes as colateral. We use this loan for the business.
My partner wishes to take over the business and I require that he take over the above loan in full in order to acquire my shares. His lawyer has advised against doing this and telling the bank about the disolution of the partnership. As of yet I have not received explanation.
Any advise or explaination for the advise my partner received?
Thanks
Kevin
My partner wishes to take over the business and I require that he take over the above loan in full in order to acquire my shares. His lawyer has advised against doing this and telling the bank about the disolution of the partnership. As of yet I have not received explanation.
Any advise or explaination for the advise my partner received?
Thanks
Kevin