If I was a minority partner in an incorporated business, can I be held liable for debt if the corporation folds and is dissolved?

Asked on November 17, 2014 under Business Law, Georgia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Yes, since if the business were not incorporated and were also not an LLC (limited liability company), there is no separate legal entity to instead be liable--there are only the partners. The partners in a partnership can be held laible for partnership debts, even after the dissolution of the partnership.


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