Legal Question in Business Law in Oklahoma

Bankruptcy for corporation?

I am a single shareholder for a corporation that is no longer doing business in Oklahoma. I also have built around $8,000 in corporate debt. My question is what do I need to do to make sure I am not personally liable for the incurred debts? I have not dissolved the corporation. What steps do I need to take ?

Asked on 12/01/08, 5:34 pm

1 Answer from Attorneys

Wayne Allison Allison Legal, LLC

Re: Bankruptcy for corporation?

As a shareholder of a corporation you have considerable protection from liability. Assuming you are an officer/director, you still have limited liability. As for what you can do "to make sure" you're not personally liable, my answer would be to have an attorney review the specifics of the situation; I'm afraid the answer could become quickly complicated, very fact-specific, and likely inadequate for the forumn of a bulletin board.

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Answered on 12/01/08, 5:44 pm

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