Am I liable for co-shareholders' decisions in an S corporation?
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My partner and I have formed an S corporation, with him as secretary and me as president. The landlord and my partner worked out the rent and it increased significantly with changes that my partner suggested to the builder. Now the rent will be too expensive for the business to succeed, in my opinion. The landlord has sent me a five-year lease to sign and it has a clause for us to sign to personally indemnify and guarantee all money. I do not intend to sign it. Can I be held personally responsible for the money that the landlord has paid the builder for this building -- or anything else?