There are three equal individual partners (A, B, and C own 5% each) and one LLC (85%) in this partnership. Two of the individual partners (A & B) also own approx. 80% of the LLC.
A & B have signed personal guarantees separately and together on some of the partnership's debt. The business is in trouble. Partner C - who has not signed any of the personal guarantees - has many debt-free personal assets while the others do not.
Is Partner C equally liable for the partnership's debts even if he/she did not sign any personal guarantees?
A & B have signed personal guarantees separately and together on some of the partnership's debt. The business is in trouble. Partner C - who has not signed any of the personal guarantees - has many debt-free personal assets while the others do not.
Is Partner C equally liable for the partnership's debts even if he/she did not sign any personal guarantees?