minority owner fired, still on LOC

[MrMinority]

What is the name of your state? PA
I was recently terminated but still hold a minority interest in an "S" corp. I signed a personal guarantee on our companies LOC several years ago and want to know if there is any legal way to remove myself from this line before my former partner goes under. The contract is joint and severable, I haven't submitted any financials this current year. My wife did not sign, can the bank come after joint and retirement funds? Doesn't seem fair even though I was naive when I signed contract since business was doing well but degraded fast and I have (had) no say in how the business was run.
Thanks.

 

[JETX]

Since you apparently have personal liability out there (due to your personal guarantee on corporate contracts), it is IMPERATIVE that you talk with a local attorney. He can review the specific contracts and see what remedies, if any, are available to protect you.

 

[molarband]

jetx, your response to everyone's post is "contact an attorney". great job!

 

[BelizeBreeze]

jetx, your response to everyone's post is "contact an attorney". great job!

and YOUR legal advice?

 

[HomeGuru]

jetx, your response to everyone's post is "contact an attorney". great job!

**A: yes, EXCELLENT job. Kudos to JETX.

 

[JETX]

jetx, your response to everyone's post is "contact an attorney". great job!

And you can't read.

If you had read my response, I am suggesting that the OP contact a LOCAL attorney. Reason: The issues being raised are complex... and will require a READ of the actual documents and answers to specific questions. None of which are compatible with an online forum.

But, at least I gave a legally accurate response.... instead of your sophomoric whining droolings.

I just looked at your other posts on the forum... you are an unemployable dentist, who got fired from a practice..... and can't qualify for a home loan. Gee, you sure are pitiful, aren't you??

 

[MrMinority]

to all responders....

I am new to this forum but I can't help but agree with most replies, "contact an attorney". I have done that [obviously] but was hoping to get some advice on what recourse there might be in a case like this. It is possible that someone who reads these forums may have an idea or twist that could be a strategic position for a situation like this. Yes I signed a personal guarantee, yes I was fired. If I call the bank I could force them to call the loan then I could be on the hook for the repayment if my "partner" has no capital. I guess I was looking for a strategic "try this" approach since my attorney has already told me "you signed it, your screwed". I haven't submitted any current financials in 16 months. I don't want to lose my retirement and joint assets. [my wife would kill me - but then I would pay
Thanks.

 

[BelizeBreeze]

Anyone who gives you a 'try this' approach to your complicated problem is either not an attorney or an idiot attorney.

You need neither. What you NEED is a sitdown with a local attorney who can advise you based on a thorough reading of all partnership documents, financial records and liabilities including a complete history of this partnership.

Only then can you proceed with finding a solution to this problem in a manner which will benefit you (hopefully)

 

[MrMinority]

new question that's related

I was thinking of changing my business structure from a sole proprietor to an LLC. By doing so, can the assets of the newly formed LLC be shielded from creditors [especially the line of credit I may be stuck with if my former partner goes belly up]. If possible, second question is can I move funds [personal] into the LLC to keep additional monies from being taken?
Thanks.