Legal Question in Bankruptcy in Texas
non-profit organization and closure
If a non-profit organization has to fold due to lack of fund and can not pay all of its bills, will the board memebers of the organization be held responsible? Can the legally come after the board members for thier money?
Asked on 12/22/97, 12:13 am
1 Answer from Attorneys
Jonathan Shimberg
SHIMBERG and CROHN
non-profits - bankruptcy
In Illinois - where I am licensed, if the not-for-profit has operated appropriately - i.e. maintained appropriate records, filed tax returns etc., the creditor should not be able to pierce the corporate veil. It may, however, be different in the state where you are - you really must talk to an attorney licensed in your state
Answered on 12/22/97, 7:44 pm
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