S
Sherri
Guest
I run a B&B that is an S corporation (family owned). I am making an offer on an unrelated business which will operate under a General Partnership Agreement(nonrelated partners). The bank wants us to put up the assets of our S corporation against a loan for the partnership. What are the liability concerns for us doing this as far as: 1. Would an injury/lawsuit involving one business possibly affect/tap into the resources of the other business?, 2. The liability of the S corporation being affected by the death or other problem with the nonrelated partner in the General Partnership? 3. Would the S corp be liable if the Partnership property went under?