Employee responsible for company credit card?

I worked for a company that is now going out of business. During my stay to help them pay the bills and come up with cash while they strategize into increasing revenues, I told them that we could apply for company credit cards. The president and vice-president (the partners) verbally approved with the president signing the application as guarantee since the vp had bad credit.

Now the 2 have broken up in a bad way, and the president has told me that I am liable for putting him in this position. He said he talked to some attorneys and said legally I am liable for the debts since I put his name and not just the other partner's name...thus ruining his credit. Is this true, can I be sued and liable for this?

Haven't talked to the other partner but I'm sure he'll support me that it was authorized. Beside the president signed the applications before submitting so he knew what I was doing.

If they instructed you or approved what you did, they are responsible not you.

Make sure you keep all evidence and think about how you will show what happened if you ned to do so.