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Resigining a company as the CEO/President .
Dallas, TX
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Posted 2 months ago in Corporate / Incorporation
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During the course of business, my partners and I signed as personal guarantors. By resigining as an officer/owner and not maintaining any portion of shares, will I be liable for any of the liabilities and if so how long after I leave?
Answers (1)
Robert John Murillo
This attorney is licensed in Colorado and 1 other state.
Posted 2 months ago.
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Generally, if you signed a personal guarantee you are personally liable as provided in that guarantee. It is unlikely that you can escape liability by just resigning or other similar attempts. Normally, if you signed personally your liability is personal and it has nothing to do with the corporation. As usual, the exact scope of your liability and the exceptions are based on the terms of the guarantee and state law.
You should contact an attorney to advise you after their review the applicable documents and materials. DISCLAIMER—This answer is for informational purposes only and discusses general legal principles, trends, and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney client relationship. For legal advice, you should retain legal counsel regarding your specific circumstances. |
