Legal Question in Business Law in Nevada
Automobile Financing
If you put a vehicle in a companies name who is liable? The Company and the guarantor, or all members of the company
Asked on 1/16/07, 11:47 pm
1 Answer from Attorneys
Jeffrey Cogan
Law Offices of Jeffrey A. Cogan, Chartered
Re: Automobile Financing
Clearly the company and the guarantor. Did any other persons in the company sign on the note? If they did not, they are not liable. There is an exception for companies that either don't have enough money to operate (which is very rare) or owners of companies that treat their business as their personal business. Paying the mortgage on their house with a company check would allow the owners to be liable for business debts. Regular employees are not liable for company debts unless they agreed to be.
Answered on 1/17/07, 10:42 am
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