Legal Question in Business Law in Illinois

Corporation out of business

I had a S-corp that went out of business last year, what are my legal obligations to the few creditors I have? Am I responsible for paying them for computer equipment and copier equipment?

Asked on 12/17/08, 5:31 pm

2 Answers from Attorneys

Adam Tracy The Tracy Firm, Ltd.
0 users found helpful
0 attorneys agreed

Re: Corporation out of business

Did you guaranty any of those debts? If not, you wouldnt have any liability. Thus, your best chance may be for a rather quick and inexpensive Chapter 7 bankruptcy for the corporation. let me know if you have any further questions. at@tracyfirm.com

Read more
12/31/08, 10:08 am
Motty Stone Law Offices of Motty Stone
0 users found helpful
0 attorneys agreed

Re: Corporation out of business

Were you personally liable on any of the debts? Also, have you kept up with all of your corporate formalities? If the debts are only owed by the corporation, and you have done everything neccesary to preserve your limitted liability, then the creditors can only go after the assets of the corporation (not you personally).

So the short answer is no, you are probably not personally responsible to pay.

Read more
12/18/08, 6:24 pm

Related Questions & Answers

More Business Law questions and answers in Illinois

Looking for something else?

Get Free Legal Advice

8661 active attorneys ready to answer your legal qustions today.

Business Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Terry A. NelsonNelson & LawlessHuntington Beach, CA
Barry SteinDe Cardenas, Freixas, Stein & ZacharyMiami, FL
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now