Legal Question in Business Law in Indiana

No. absent a guarantee or an piercing of the corporate veil.

As a Franchise Attorney I can say the following. Typically they're not, abasent the corporation failing to observe corporate formalities or being undercapitalized - events that can lead to what is called "piercing the corporate veil." Also, if the shareholders personally guaranteed the debts, they can be held liable as well. 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 Foundations, a Professional Corporation