Legal Question in Business Law in New Jersey

Re: personal responsibility for spouse's business

I will assume that this is your husband. If you are asking the question, then you very likely have serious problems which can not be answered on this bulletin board, and you really need to sit down with an attorney and get some solid advice. You should choose someone fairly nearby, who has experience in business and creditor-debtor law. If I can assist, please contact me.

If your husband has a corporation, properly created and properly kept in existence, then liabilities of the corporation for the corporation's acts will not be your liability; it is possible in some circumstances that the corporation's liabilities could be liabilities of your husband.

Please consult an attorney.

Re: personal responsibility for spouse's business

While I generally agree with Bob, the information you provide is not sufficient for a complete response. For example, you do not state if you are an officer, director or shareholder of the corporation. If you hold any of these positions, you might have some liability. You also do not indicate the nature of the debts involved. Most debts may not result in any liability, if you have not personally guaranteed their repayment. On the other hand, if the debts include any taxes that have a fiduciary responsibility (like employment taxes and/or sales taxes) and you have signed returns and/or hold some position with the corporation, you might have liability exposure. If the liability arose from some activity in which you might have an exposure (such as your husband had an accident while conducting business but driving a car you owned) you could be involved in any litigation. Finally, if your husband failed to report corporate income on your personal tax return, which you filed jointly and signed, you could face some liability. More information is needed to provide a better answer.