Legal Question in Business Law in Pennsylvania

Re: business' owner/president

You have not supplied enough facts to answer this qquestion. Generally if the business is a corporation or like entity there is no responsibility of an owner unless there is a persoanl guarantee. There are exceptions to this rule. If the business is not a corporation, there is some personal responsibility. Suggest you consult an attorney.

Re: business' owner/president

Depends on how the business is organized. Are you a sole-proprieter, general partnership, limited partnership (LP), limited liability company (LLC)or corporation (S or C)? If you are organized as a LLC, LP (if not a non-incorporated general partner), or Corporation you generally have liability protection against business debts up to your investment. If you are a sole-proprietor or general partner you are always liable for business debts. Sometimes, in particulary egregious cases, courts will disregard the entity anyway and the owner will become responsible.

Without more facts I cannot say much more. Contact me at [email protected] to discuss further.