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Old 25th September 2012, 12:51 AM   #1

Join Date: Sep 2012
Posts: 1
Default Closing A Business Questions

I have been with my boyfriend for 4 years, on and off. I started a business as a sole proprietor a year and a half ago. I invested $53,000 into it from the sale of my house. Which was only in my name. I took that money and started this new business. My boyfriend has been a huge part of helping start the business and keep it going. However the business is sinking as is our relationship. I want to close my business and start fresh in my life working for someone else. Being a sole proprietorship in my name, will I have to pay him off somehow? We are not married. And how will my investment initially offset that?
the business is in debt many thousands. I could not afford to pay him anything. I live in Oregon.

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Old 26th September 2012, 11:11 AM   #2

Join Date: Jun 2011
Location: San Diego
Posts: 77


As a sole proprietor, everything is personal. If the debts are in your name, it's your debt. If both of you signed as liable on any account, the creditor will go after both of you for the full amount. If you have any assets you can sell, it might be worth paying those dual liabilities first.

If he does not have a contract, I don't see anything you would owe him, unless he paid for some of your assets. (Disclaimer: I am not a lawyer or accountant)

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