Legal Question in Business Law in Illinois

corporation not in good standing

Can a corporation that is not in good standing enter into a lease that is binding. Can the said corporation bring suit if the need occurs.

Asked on 3/22/07, 1:35 pm

1 Answer from Attorneys

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove
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Re: corporation not in good standing

If it is not in good standing, the officers and shareholders may end up being personally liable for the debts of the corporation and no it can not sue unless reinstated.

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Answered on 3/24/07, 11:23 am

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