In article <veal70d1j55p3nh707d40759cvl1o82ar8@4ax.com>, Scott
<sscherer@zynite.com> wrote:
I am a partner of a small company and due to a down turn in business I
was forced to file bankruptcy. At the time of my discharge the
company had 3 partners and 180K in debt. Since 60K of that debt was
only personally guaranteed by me it was forgiven. Is that the same as
far as the partnership is concerned as paying my share? The reason is
I have left the company but remain a stock holder(33.3%) and they are
using 100% of the profit to pay down the remaining 120K, shouldn't I
get 1/3 of the profit since I already satisfied my 1/3 of the debt.
In a partnership, all partners are liable for debts and expenses
(not considering limited partnerships here). As a result, you
may have been relived of responsiblity for paying your share. But
all that did is transfer the debt to the remianing partners. Once
you filed for bankruptcy, you gave up your interest in the business,
and have no right to any future profit. You also revmoved yourself
from responsibility for any future debt.
As this works itself out, your partners should be very mad at you
for stiking them with an extra $20K in debt each. I would not expect
any of them to ever speak to you again.
-john-
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John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
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