A couple of years ago my wife and I purchased a bar with a friend and 2 of his family members. Their duty was to manage and staff the bar, and for this, each of them got 25% while we kept the other 25%. My wife and I are the guarantors of the loans and apparently nothing is being paid on time. This being the case, although there are 1000 shares, there are no documents showing who owns what.
Additionally, last year I found out that taxes were not being paid when the IRS came to my door. Based on what the IRS agent told me, I resigned my position as VP to avoid future responsibility in regards to new tax debt that might be incurred, but I am still listed as VP with the state. A repayment schedule was arranged, but I have not been informed of the status, although I believe it to be current.
We want out. I am willing to pay my 1/4 of the loans to walk away, only taking money back if the bar ever turned a profit, but I'm afraid that they could refinance with the current state of things as they are. If we close the bar, it is unlikely that selling the assets would be enough to pay the loans.
More frustrating is that my relationship with these people has deteriorated to the point that they won't even meet with me to discuss the future of the bar.
What are our options?
Additionally, last year I found out that taxes were not being paid when the IRS came to my door. Based on what the IRS agent told me, I resigned my position as VP to avoid future responsibility in regards to new tax debt that might be incurred, but I am still listed as VP with the state. A repayment schedule was arranged, but I have not been informed of the status, although I believe it to be current.
We want out. I am willing to pay my 1/4 of the loans to walk away, only taking money back if the bar ever turned a profit, but I'm afraid that they could refinance with the current state of things as they are. If we close the bar, it is unlikely that selling the assets would be enough to pay the loans.
More frustrating is that my relationship with these people has deteriorated to the point that they won't even meet with me to discuss the future of the bar.
What are our options?
