The liability of a partner for loans after leaving the company

Was your company a partnership or an LLC. If the former, then I need to see the partnership agreement.

If it was an LLC, then you will have liability for the contribution you have made. If it is a civil company with foreign ownership and local sponsor agent then you are liable for your share of 50%.

If the loan was taken after you gave up your interests in the company, then you are not liable.

Dear Sir,

Regarding the above-mentioned subject, you are responsible for your share of the capital only. You can obtain an undertaking letter from the other partner or the local sponsor.

For more legal advice, please contact us via phone or email.

Dear questioner,

You are responsible for bank loans. It is better if you can take an undertaking letter from the other partners.

Further, we need to review your MoA so that we can assist further.

Kindly contact us via phone for a detailed discussion or write us an email for further assistance.

If you submitted a personal guarantee to the bank, then yes you are liable, if not, then you are not liable to pay it and in case of any dispute, you will have only to pay your capital share.

Dear Questioner,

Pursuant to your query, to give you proper advice we need to see your contract to see your liability whether limited or unlimited to shares.

For a detailed discussion, you can contact on phone OR email. Also, please share us with your UAE number.

Thank you.