Legal Question in Credit and Debt Law in Florida

I am the current President of an S Corporation, it is a residential painting company. I took over when my father, the former President passed away last December. I received a phone call from a collections agency in an attempt to collect $3000.00 from the corporation stating it was from a lawsuit judgement from 2007.

Now I just took on this corp to help my family some after my father's passing, and to give his employees work until they could find other work. I had no intention on continuing this and there really is no business to speak of. Am I liable for this now since I took over as President? Can I simply resign and get as far away from this as I can? It really had nothing to do with me, I am a victim of circumstance.


Asked on 9/05/10, 10:02 am

1 Answer from Attorneys
Jack Hall Hall Bankruptcy Services

Your status as an officer of the S corporation doesn't necessarily have anyting to do with whether you can be held personally liable on the loan. What is important is whether there is a personal guarantee or not. Also it is important whether or not there are any assets in the corporation other than good will. This would be much easier to explain on the telephone. You can call me at the number listed on my bio at this web site or you can call me anytime, including this weekend, if you wish, at this number nine one five two six one three eight nine three

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Answered on 9/11/10, 9:36 am


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