You need to meet with an attorney to discuss how to dissolve the business. How you dissolve it depends on what has been filed with the state. Most likely, you can bring an action to dissolve it and pay off the debt.
If you'd like to discuss, please feel free to call. Jeff Gold Gold, Benes, LLP 1854 Bellmore Ave Bellmore, NY 11710 Telephone -516.512.6333 Email - Jgold@goldbenes.com
This is certainly not the first time I have come across these issues. It happens quite often.
At this point, however, I would have way more questions than answers. We are a NY based practice and I always offer a free phone consultation. I invite you to call my office if you care to discuss. That said, please do consult a lawyer who can consider everything involved and help you arrive at a best course of action.
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Save your credit and sanity. I agree with my colleagues. You should consult a business attorney because there are fine points to consider, and clearly this is something you need to address without letting more time pass. Since you don't have a partnership agreement with dissolution provisions, you might try a mediator to avoid court costs, if your partner will agree.
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