Legal Question in Business Law in Texas
corporation closed several months ago and i as the owner had past due payrolls that i was paying on over time and suddenly the work dried up and the staffing company is now sueing me personally . the company was broke when i closed . can i be held liable?
1 Answer from Attorneys
As a Franchise Attorney I can say this. The only way to know whether you can be held personally liable is by a thorough examination of how you conducted the affairs of the corporation, capitalization levels, whether you took money out personally over other creditors, etc. All of these can be grounds to "pierce the corporate veil" and go after you individually. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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