guaranteed overdraft

[bloaterbum]

Ileft a business partnership after ten years and five years on the bank are chasing me for a guaranteed sum I signed for with my partner back in1997.The business partner continued to work in another premises using the same company name.
I am livid . How do I stand

[ummmm]

Did you fill in the relevant forms when you left?

[bloaterbum]

No Idid not even think about it I was so relieved to get out and Isigned the 10 year lease soley- must have been mad

[ummmm]

This might help..

http://www.companiesh...t/gbhtml/gpllp3.shtml

[bloaterbum]

Thanks for that and let this be a warning to others in partnerships.Never again Isay; work for yourself

[themas]

From your post I doubt whether you were in a limited liability partnership. If you were not, and you gave a personal guarantee, then the bank is perfectly entitled to chase you for the money.