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am i liable with this case?

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1 am i liable with this case? on Wed Aug 14, 2013 8:10 pm

bigjdancestudio


Arresto Menor
i have this fitness business.it is a sole proprietorship and i sold percentage of shares and we made contract as limited partners..they gave certain amount with the shares.

the business is not going well and i believe it will come into bankruptcy.

my question is am i liable in paying them their shares if the business will be closed?

please help me.

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2 Re: am i liable with this case? on Thu Aug 15, 2013 3:19 am

Lunkan


Reclusion Perpetua
Sold shares to partners in a sole proprietorship?? I thought it had to be OTHER company type to do that.

What do your contract with them say?

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3 need advice on Thu Aug 15, 2013 10:41 am

bigjdancestudio


Arresto Menor
it somewhat like we did a contract that they will be buying a percentage of the total value of the company.then we signed the contract entitling them as part owner even though the permit is sole proprietorship but the shares is divided according to the value that they bought..

now the business is struggling, if i declare bankruptcy can they have the right to claim their money back?

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4 Re: am i liable with this case? on Fri Aug 16, 2013 1:59 am

Lunkan


Reclusion Perpetua
I see. If there isn't any promises in the contract or you haven't misslead them, then it seem you don't need to pay them anything.

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