Legal Question in Business Law in Illinois

Creditor suit

I was a 50% partner in an ''S'' Corp that was dissolved after 1.5 years. We never had any profits, thus, never received money out of the business, in fact, I lost $$$$. Now after 1 year of being dissolved, a creditor (that we owed $1000.00 to) has hired an attorney that is going to recommend filing suit if the dissolved corp doesn't pay. Is this possible at this time, and will I be held personally responsible if they sue?


Asked on 10/04/07, 7:24 pm

1 Answer from Attorneys
David K. Staub Staub Anderson LLC

Re: Creditor suit

It is possible, though the corporation should shield you from personal liability on a purely corporate unless the creditor can establish the facts necessary to "pierce the corporate veil." You can read more about that at:

http://www.illinoisbusinessattorney.com/articles/piercing_veil.html

David K. Staub, an

Illinois business attorney

Read more
Answered on 10/05/07, 12:13 am


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