Legal Question in Business Law in Illinois

corporartion and personal liability

I am a president/owner of a corporation and the company is sued by a CPA for his extra charges inthe amount of $5645. What is my presonal liability? If there will be a judgement against my company, will that end up on my credit bureau or as a lien against my house?


Asked on 3/18/08, 8:01 am

2 Answers from Attorneys
Patrick Tracy Patrick J. Tracy, Esq, P.E.,

Re: Corporation and Personal Liability

The answer is that it depends. It depends on the type of corporate stucture you have established such as a LLC or S Corp or a C Corp or Partnership. All are different, contact a lawyer in your jurisdiction to obtain further assistance in this matter.

Good Luck!

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Answered on 3/18/08, 1:07 pm
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: corporartion and personal liability

If you have not personally guaranteed payment and have followed all of the requirements of your bylaws, you should be o.k.

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Answered on 3/18/08, 6:56 pm


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