Legal Question in Business Law in Tennessee
Will I lose my home?
My husband owns a company, and has incorporated it. I have the title of secretary/treasurer. He owns 100% of company. My home is in his name only. If he looses the company will I loose my home? Should I have it put in my name only?
1 Answer from Attorneys
Re: Will I lose my home?
Probably not, although a determined plaintiff in a lawsuit can make several arguments to 'pierce the corporate veil.' This means that the court would disregard the corporate nature of the entity (which usually protects a private individual's assets) and allow the plaintiff to take a judgment against the individual.
This is the sort of thing that depends on a number of factors, including capitalization of the business and whether the corporate forms are followed. It also depends, in part, upon what the complaint is.
If you need more information, or would like a follow-up, please email me at [email protected].
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