My question involves business law in the state of: California
Hello, we formed an LLC last year with partners from Germany. As a new company, many of the credit applications that we used required a personal guarantor and we only had one US citizen (I'm canadian and the other two partners, who were supposed to be the financial backing are German) so he signed everything. As such the last year has been very turbulent with the realization that we are far undercapitalized and our money partners do not have the resources they claimed and the US operation is now in jeopardy.
My question is in regards to some form of indemnification for my US partner. Our fear is that if the Germans, who own 80%, decide to BK the venture will the US partner be on the hook for all of those debts? What would he need to get drafted prior to his happening to protect himself?
Hello, we formed an LLC last year with partners from Germany. As a new company, many of the credit applications that we used required a personal guarantor and we only had one US citizen (I'm canadian and the other two partners, who were supposed to be the financial backing are German) so he signed everything. As such the last year has been very turbulent with the realization that we are far undercapitalized and our money partners do not have the resources they claimed and the US operation is now in jeopardy.
My question is in regards to some form of indemnification for my US partner. Our fear is that if the Germans, who own 80%, decide to BK the venture will the US partner be on the hook for all of those debts? What would he need to get drafted prior to his happening to protect himself?
Starting a Business: Indemnification from Personal Guarantee on Credit Applications Under an LLC
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