Q: A friend wants me to become partners with him in his business but he has a debt judgement "on hold" from FedX.
Can I buy into his business but not be responsible for the debt he owes to FedX? The amount is over $100,000 and a judge here in Florida has "shelved" the case as he did not and does not have the money to pay it. He does not want me to pay it and doesn't want me to held responsible for it. Can I buy into a business, be part owner but not be responsible for this old debt?
A:
Yes, you can structure the business relationship to insulate you from liability for this debt; talk to an attorney about the best way to set it up.
I strongly doubt that a judge would "shelve" the judgment. Typically what will happen is that a judgment will be entered, but it is not the court's responsibility to figure out how to collect it. The judgment creditor can attempt to locate assets belonging to the debtor and, if it does, the court will issue appropriate writs to assist in collection.
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