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