Do I owe my old business partner after he abandoned the business 15 years ago?
We started a business 23 years ago w/ a friend. He walked out, literally, after being there seven years. We have recently sold the business. Do we owe him for the small money he helped us open with? At the time he left, we were in horrible debt. It's an S Corp and his name was on the papers until he left.
Did you say his name was on the S corp UNTIL HE LEFT 15 years back? So his name not on the S corp anymore, did you consult a lawyer when he left and removed his name legally with his agreement? If not then you do need to talk to a lawyer because legally speaking if his name still there then he may have a piece of the pie, there is much going on here, it's not just about his name there or not, or he left when the company was in a horrible situation and then covered. If his name is there and is not been taken out of the S corp as a partner, then you will need to consult a lawyer that has experience in this situation.