Legal Question in Business Law in Illinois
Corporation out of business
I had a S-corp that went out of business last year, what are my legal obligations to the few creditors I have? Am I responsible for paying them for computer equipment and copier equipment?
2 Answers from Attorneys
Re: Corporation out of business
Did you guaranty any of those debts? If not, you wouldnt have any liability. Thus, your best chance may be for a rather quick and inexpensive Chapter 7 bankruptcy for the corporation. let me know if you have any further questions. [email protected]
Re: Corporation out of business
Were you personally liable on any of the debts? Also, have you kept up with all of your corporate formalities? If the debts are only owed by the corporation, and you have done everything neccesary to preserve your limitted liability, then the creditors can only go after the assets of the corporation (not you personally).
So the short answer is no, you are probably not personally responsible to pay.
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