Newbie CC Help?

[mountainboy]

Hi...
Being new to the business world, I started a new CC recently with someone I met at a business networking event. I hardly knew him well. We started the CC as 50-50 members. He has been scarce and I wish to remove myself as a member from the CC (or dissolve the CC). I believe I need his permission to do any of this, but I may not be able to even contact him! What can I do to get out of this? Also- I am suspicious of what he may be doing in the name of this CC of which I am currently a member right now- can he get me into debt or make me liable for something I did not sign off on? (I am not sure but I would hope that personally I am not liable for what he does in the name of this CC, and I would hope that as a 50-50 member that I would need to sign off on anything he would want to do in the name of this CC).
Basic questions I know, but I do not have a business education background.
Thanks

[Erika Gordon]

Is your business associate the authorised representative of the CC, in other words can the associate enter into any agreement on behalf of the CC? Who is the accounting officer fo the CC? Get in touch with the accounting officer ASAP and start the procedures to resign as a member.

[Dave A]

I believe I need his permission to do any of this

Just as he needs your permission too!

Depending on what you signed along the way, this sounds more messy than particularly threatening to your financial health. But by the sounds of things, it might be an idea to end the relationship.

If you have a problem contacting him, just send a notice by registered mail to his address as per the CK1.

[mountainboy]

ok thanks i sorted it out! via the accountant. i resigned from the cc. was easier than i thought.

[eitai2001]

Just make sure you are resigned in Cipro's records .. give them a few weeks to update the records ... request a CK2 from the accountant showing your resignation ... and then confirm it with Cipro ... you can never be too sure.

Also, if there is a bank account in the CC's name, you will want to let them know of your resignation, as well as SARS, and make sure you are removed from any surety you may have signed.