How to legally relinquish percentage of ownership

[MissSecretary]

In a family business, to qualify for a SBA loan, my step-father included my step brother and myself as owning each 20% of the company. We both do not want to be part of the company, but are listed on the SBA loan as well as being on the "Board of Directors". How do we legally get away from the company, relinquish our ownership and get off the board of directors regarding all corporate documents and the SBA loan? We were mis lead regarding what this included and also told by the bank loan officer that we would not be held personallly responsible if the company fails. We learned after the loan was complete that this is completely untrue and we both want out of the business.

[dyrah]

You can get away, relinquish your ownership, get off the as BOD by means sanctioned by law in dissolving a company, whether corporate or partnership.
It depends on what capacity and for what purpose the loan was taken. If strictly for business, you may not be held personally liable, however, If not, then liability can be held against you.