My husband owned his own business in New Jersey and had a 50% partner in the Corp for the past 6 years. The 50% partner ceased coming to work or making any decisions concerning the business due to a personal argueent with my husband. Y husband made several attempts to contact him on decisions via mail, attorney etc without getting any response from him at all. Now the small corp is unable to continue with business as usual due to large bills. My husband has paid many of the Corp bills off or made deals with the most of the vendors to clear up the monies owed.

My husband did sign personal notes with a few of the vendors during the years of business and some of these bills are still owed. Can I be held leagally responsible for any bills of the Corp where he had signed a personal note? Also, would his 50 % partner be legally responsible at all for any of the bills where my husband signed personal notes?

Please help !

First the corp is liable for the bills, so all the items the corporatoin owns would be sold to pay off any debts.

Unless the partner signed to be personally liable, no he is not,
Your husband can be held responsible for any debt he signed for to be personally liable.

** signing to be personally liable is defeating the reason you form a corporation for in the first place in many cases

Hello anxious:

In addition the Padres excellent answer, if you live in a community property state, you ARE responsible for your husbands debts. If your accounts are joint accounts, then it doesn't even matter whether you live in a community property state. They're subject to be seized.

If you have separate property held in your name only, and you don't live in a community property state, it's probably safe...

excon