Consumer Law, Warranties Winding Down -responsibility to customers

[spiderman]

I am co-owner of a auto restoration/repair business. After 5 years in an insolvent LLC Partnership, our business is in process of winding down. This is a non-harmonious dissolution as I am the only capital investor in the business, drew no income and have been left in personal bankruptcy with a lean on my home for a private business loan (signed by both partners) while my partner contributed NO capital investment but drew in excess of $80,000.00. We will be liquidating all equipment and assets to pay off vendor/customer/employee debt.

We still have several customer projects in various stages at our facility which are unfinished and we do have a few customers to whom we owe money for deposits for work which has not yet been performed. All customers were notified in writing the business would be dissolved. All projects must be removed from our rented facility within 30 days.

My business partner has leased a new space and has offered all of these customers opportunity to move their projects to the new space, not under the original business name, which will be under his management.

What are my legal obligations, if any, to assisting in completing the unfinished projects once the original business is closed? At what point do my legal obligations to these projects end?

 

[army judge]

I am co-owner of a auto restoration/repair business. After 5 years in an insolvent LLC Partnership, our business is in process of winding down. This is a non-harmonious dissolution as I am the only capital investor in the business, drew no income and have been left in personal bankruptcy with a lean on my home for a private business loan (signed by both partners) while my partner contributed NO capital investment but drew in excess of $80,000.00. We will be liquidating all equipment and assets to pay off vendor/customer/employee debt.

We still have several customer projects in various stages at our facility which are unfinished and we do have a few customers to whom we owe money for deposits for work which has not yet been performed. All customers were notified in writing the business would be dissolved. All projects must be removed from our rented facility within 30 days.

My business partner has leased a new space and has offered all of these customers opportunity to move their projects to the new space, not under the original business name, which will be under his management.

What are my legal obligations, if any, to assisting in completing the unfinished projects once the original business is closed? At what point do my legal obligations to these projects end?

I suggest you do two things.

First, you should discuss the benefits of bankruptcy with a couple good, local bankruptcy attorneys.

Second, you should discuss the above questions (what must be done to close down your business properly, and what legal duties do you owe your current customers and employees/partners).

You don't want to continue as you have, flying solo.

Therefore, take these steps today to protect your finances, family, and future!

This is far too complex and personal to rely on an anonymous online forum.

I can tell this has caused you deep concern, as it should.

Therefore, retain legal assistance, competent legal assistance that you TRUST.