What is the name of your state (only U.S. law)? NY
I own 25% of the stock in a C corp. I have 3 other partners. As the 4 principals of the corporation, during the course of business over the years, the 4 of us have personally guaranteed certain loans the company has taken.
Approx 2 years ago I left the company to take a different job with the hope that either the company would be sold or I would be bought out by my partners or a new investor. Unfortunately none of those options occurred. I stopped receiving any pay or benefits from the company when I left.
In the current business environment, the company is suffering and may need to file Ch 11.
1. Do I have any options to get out from under the personal guarantees?
2. If I returned or sold my stock back to the company for $1 (for example), would that eliminate any potential liability I may have if the company files Ch 11?
3. Any other suggestions?
I own 25% of the stock in a C corp. I have 3 other partners. As the 4 principals of the corporation, during the course of business over the years, the 4 of us have personally guaranteed certain loans the company has taken.
Approx 2 years ago I left the company to take a different job with the hope that either the company would be sold or I would be bought out by my partners or a new investor. Unfortunately none of those options occurred. I stopped receiving any pay or benefits from the company when I left.
In the current business environment, the company is suffering and may need to file Ch 11.
1. Do I have any options to get out from under the personal guarantees?
2. If I returned or sold my stock back to the company for $1 (for example), would that eliminate any potential liability I may have if the company files Ch 11?
3. Any other suggestions?