Legal Question in Business Law in Illinois
Credit responcibility
If a s-corporation goes bankrupt, are any of the corporate officers responcible for any loans they may have signed for the corporation?
Asked on 12/13/03, 8:03 pm
1 Answer from Attorneys
Barry040 Bayer
Law Offices of Barry D Bayer
Re: Credit responcibility
Assuming the officers clearly signed only as corporate officers, there were no guarantees, they had proper authority from the Board of Directors and they did not participate in any fraud, the officers should not be for loans taken out by the corporation.
Answered on 12/13/03, 11:49 pm
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