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The latter partner is far from qualified and not certified to handle the products. How do we protect ourselves from being held responsible for fines levied by the environmental protection agency for violations, from fraudulent taxes returns, unpaid creditors, etc.?
Asked on September 8, 2014 under Business Law, Kentucky
Answered 10 years ago | Contributor
As long as you are part of the business, you can't protect yourselves entirely. However, you can sell your interests to the 4th partner--even for a nominial amount if you want--and execute documents (e.g. contracts of sale) which remove you from the business and pursuant to which he will also indemnify you from any costs or liability which you might somehow incur. Any compentent business or transactional attorney can help you draft the documents and structure the deal so as to remove yourselves from the business and liability.
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