Am I personally liable for my subchapter s corp's debt if the company dissolves?

Question

I am President and sole owner of a NY state subchapter s corp. The company is dissolving with only debt. Can I be held personally liable for this debt?

Answer 1

Only if you personally guarenteed the debt in the first place or your creditors can prove in court that the corporation was a sham and "pierce the corporate veil" in legal jargon. That can be done if you didn't keep up with your corporate paperwork and maybe commingled funds, etc. If you did, I strongly suggest that you back date some yearly corporate documents, annual meetings, resolutions, etc. whatever your state requires.