Pennsylvania | Business Law
10/03/06, 12:46 pm
Legal Question
business' owner/president
When is a business'owner/president personally responsible for his/her company debt?
business' owner/president
When is a business'owner/president personally responsible for his/her company debt?
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Read More Answered By: Gerald Hershenson |
Re: business' owner/president You have not supplied enough facts to answer this qquestion. Generally if the business is a corporation or like entity there is no responsibility of an owner unless there is a persoanl guarantee. There are exceptions to this rule. If the business is not a corporation, there is some personal responsibility. Suggest you consult an attorney. |
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Read More Answered By: Matthew Kelly |
Re: business' owner/president Depends on how the business is organized. Are you a sole-proprieter, general partnership, limited partnership (LP), limited liability company (LLC)or corporation (S or C)? If you are organized as a LLC, LP (if not a non-incorporated general partner), or Corporation you generally have liability protection against business debts up to your investment. If you are a sole-proprietor or general partner you are always liable for business debts. Sometimes, in particulary egregious cases, courts will disregard the entity anyway and the owner will become responsible.
Without more facts I cannot say much more. Contact me at pennlawman@aol.com to discuss further. |
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