S-Corp Questions

[conelslil]

What is the name of your state? Mass.

I have an S-Corp.

Its not yet failing but I no longr can stomach my 50% business partner.
I want out now!! We have 300k in debt with 180k in recieveables.
We own 8 vehicles most have loans on them. Approx. 50-75k in hard assets.

We have great potential for income and future earnings. Some things I had to personally guarantee.

My question. If my Partner [I own 50%] doesnt want to let me out with our paying me off, and he assumes all the debt. Then I assume we would need to file BK. Then all the things I personally signed for I would be responsible. I could then file personal BK.

I have a homestead act on my home and condo. My wife and I are on both the deeds. She has nothing to do with business. Would it effect my home? I do not want to jeopardize my home. What is your advice? Thanks in advance!!!

 

[CraigFL]

If the business is really what you say it is and you are just having problems with your partner, I would write up a contract to make your partner "silent" until you could buy him out over a few years. Turning the business around and providing you with income would be infinitely better than a bankruptcy.

 

[conelslil]

It is

Unfortunatley my partner will not want that. He is very controling and egocentric.

I want out at this point. I will start a new business by myself. I just wanted info on the possible implications of bankruptcy if that is where we need to go. He may let me walk away, however I need to prepare for the worst.

Any other info or advice??