If I had a small corporation for 5years and it went out business, am I personally responsibleforany bills?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I had a small corporation for 5years and it went out business, am I personally responsibleforany bills?

Went out of business 1 year ago. I have come creditors asking me for payment.

Asked on July 2, 2011 under Business Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Generally speaking, if you set up a corporation under the laws in the state of New York and you did not personally guarantee any contracts made on behalf of the corporation for amy of the creditors then no, the creditors can not come after you personally.  They would have to sue you and try and "pierce" the corporate veil as they say in order to collect a personal judgement against you.  I would have an attorney take a look at your corporate papers and any contracts you signed just to be sure that you are protected.  The creditors would be limited to collect from the assets of the corporation.  Also make sure you properly dissolve the corporation with the state.  


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption