Q: I'm a partner and I'm about to leave a LLC partnership and have the following questions.
1) What legal rights do I have?
2) The partners took out some loans. If I resign and they continue am I responsible for repayment of the loans?
3) Am I entitled to any future profits?
4) If I resign does that void contracts that I have signed on behalf of the partnership?
5) I have a separate co. with one of the same partners in the other LLC, I have a $21k debt that the other 2 partners have promised to pay. If they default, will a personal bankruptcy clear that debt?
A:
The answers to your questions will depend upon a variety of factors and this system is not designed to handle.
My suggestion is that you need to consult with a business law attorney in the Jacksonville area and provide him or her with a detailed breakdown of each of this items or categories so that they can give you the specific advice that you need.
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