What is the name of your state (only U.S. law)? NC
Am I responsible for this debt or can I be sued?
I was hired verbally to manage company we, verbally I was 49% of the company. It was a construction company and our line of credit with ABC supply company was in the other co owners mothers name. Long story short business went south and there is a 40k debt to the supplier. Now the company was an LLC so I personally should be protected, but ABC is going after the mother still because she is not protected by the LLC (supposedly she signed something stating she is fully responsible) ABC is adding on huge interest rate more or less adding 500 dollars to balance every month.
Now I would love to help pay off this debt but I went back to old job were I dont make 40k in a year and if It was my name on the credit I would just close the company and file bankruptcy but since it is in her name she is refusing and is telling her son we need to pay this.
Long story short should I be worried? What if she sues us for messing up her credit? Would she then have to sue the company, or us personally?Am I liable? Can i protect my self any way? Should I file bankruptcy now?
I feel horrible about all this but that is why there is an LLC I did not know that the credit was even set up this way so please do not kick me while I am down and tell me about ethics or morals (trust me If I had the money I would pay it off and give her money for stress) but thats not the case. In all honesty I personally racked up 15k on my credit cards for this company.
Please only respond if you know what your talking about
Am I responsible for this debt or can I be sued?
I was hired verbally to manage company we, verbally I was 49% of the company. It was a construction company and our line of credit with ABC supply company was in the other co owners mothers name. Long story short business went south and there is a 40k debt to the supplier. Now the company was an LLC so I personally should be protected, but ABC is going after the mother still because she is not protected by the LLC (supposedly she signed something stating she is fully responsible) ABC is adding on huge interest rate more or less adding 500 dollars to balance every month.
Now I would love to help pay off this debt but I went back to old job were I dont make 40k in a year and if It was my name on the credit I would just close the company and file bankruptcy but since it is in her name she is refusing and is telling her son we need to pay this.
Long story short should I be worried? What if she sues us for messing up her credit? Would she then have to sue the company, or us personally?Am I liable? Can i protect my self any way? Should I file bankruptcy now?
I feel horrible about all this but that is why there is an LLC I did not know that the credit was even set up this way so please do not kick me while I am down and tell me about ethics or morals (trust me If I had the money I would pay it off and give her money for stress) but thats not the case. In all honesty I personally racked up 15k on my credit cards for this company.
Please only respond if you know what your talking about
