Legal Question in Business Law in Pennsylvania

can a 30% owner of a company just leave the company without being responable for any of the debt that the company owes?

Asked on 1/02/12, 1:56 pm

1 Answer from Attorneys

Andrew Solomon Law Office of Andrew A. Solomon
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The whole point of forming a corporation is to avoid personal liability for the debts of the corporation. Unless he signed personal guaranties for the debts of the corporation, he probably can do this. On the other hand, he would not be entitled to any benefits or income from the corporation. My answer depends on the assumption that the company is in fact a corporation and not an LLC. In that case, there might be circumstances under which he would be responsible. I would consult with an attorney for a definitive opinion.

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Answered on 1/04/12, 4:30 pm

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