Legal Question in Business Law in Pennsylvania

I am the president in a corporation...we are in in the process o going put of business because of the bad economy, we have a lot of outstanding debt, and will probably have to claim partners are 3 brothers...i have recently learned that they have been taking profits from sales and not recording the sale and splitting the money between themselves...(cash sales. i want to know if there is any way that i can resign from the company...will i still be responsible for all the debt, or can i just walk away...i am really upset and angry that they have done this to me and i just want out...what are my options

Asked on 7/11/12, 11:44 am

1 Answer from Attorneys

You really should speak with a bankruptcy attorney as soon as possible. Today if you can. All of your issues should get sorted out in the bankruptcy process. If you have properly set up the corporation and followed the laws regarding corporations, you should not be personally liable for the debt unless you acquired that debt personally. If your brothers are taking profits that they should not have been, that can be resolved in bankruptcy or a civil suit. Call me at 215-367-5110 and I will get you going in the right direction.

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Answered on 7/13/12, 9:05 am

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