Legal Question in Business Law in Massachusetts

Re: how do I find out if I'm personally Liable for business credit card debt

Generally speaking, one of the main advantages of a corporate entity is limited liability for shareholders for the debts, contracts and torts of the corporation. There are, however, exceptions for every rule. Please feel free to contact my office direct for a free initial consult based upon the facts of your specific situation;))

Re: how do I find out if I'm personally Liable for business credit card debt

It depends on what you put on the application. If you signed up personally for the credit card or guaranteed the amount, you may be personally liable.

If the card was applied for in the company name only and if you used it solely for business purposes, then the company is liable but you are not. This is of course subject to any claims that you took assets from the company in preference to other creditors.

Good Luck

Re: how do I find out if I'm personally Liable for business credit card debt

First question is whether you took the credit card in your name or that of the corporation. However, that may not be entirely dispositive -- if you used the card only for business purposes, a bankruptcy court might recharacterize the obligation. Mind you, that requires that you put the defunct corporation through the bankruptcy process (with attendant legal fees). I can recommend competent bankruptcy counsel in Western MA if you need a referral. Best wishes,

LDWG