We’re launching a new venture with two of us. Any chance either of us could be held responsible for any legal issues the company might face?

Apni Law
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Law Forum › Category: Corporate › We’re launching a new venture with two of us. Any chance either of us could be held responsible for any legal issues the company might face?
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Apni Law Staff asked 2 years ago

We’re launching a new venture with two of us. Any chance either of us could be held responsible for any legal issues the company might face?

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Apni Law Staff answered 2 years ago

Yes, as partners in a venture, you are both jointly and severally liable for any legal issues the company faces. This means each of you can be held fully responsible for the company’s debts and liabilities, even if the other partner is primarily responsible.

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