Legal Question in Business Law in Illinois
Who is responsible for a dissolved corporation in the state of Illinois? I have a creditor that wants me to pay, but the corporation is out of business.
Asked on 11/17/10, 11:19 am
2 Answers from Attorneys
Thomas Moens
Moens Law Offices, Chartered
This depends on many factors, far too many to list here. You should discuss you specific situation with an attorney.
Answered on 11/22/10, 12:05 pm
Kevin B. Murphy
Franchise Foundations, APC
As a franchise attorney I agree with the other attorney's answer. At a practical level, if it's a corporate debt and not personally guaranteed, the creditor is going to have a very difficult, if not impossible, time collecting anything. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Attorney
Franchise Foundations APC
Answered on 11/22/10, 3:08 pm
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