Legal Question in Business Law in Tennessee
Responsibility of signing as an Agent for a company
I signed a purchase agreement as Agent for a sub chapter S corportation that I am an officer for and 100% stockholder in............
Should the corportation default on a loan am I personally liable?
Thank you.`
Asked on 2/16/02, 8:40 pm
1 Answer from Attorneys
Alan Crone
Crone & McEvoy, PLC
Re: Responsibility of signing as an Agent for a company
An agent/owner of a corporation is not liable for its debts unless he also signed the note as a guarantor and the corporation has properly observed the corporate form. If you are concerned about your liability, I recommend having an attorney review the loan documents and your corporate minute books to make sure that all is in order.
Answered on 2/18/02, 10:56 am
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