2006-12-24 14:39:59 · 4 answers · asked by pob232 1 in Business & Finance ➔ Personal Finance
If your business is a partnership or sole proprietorship, you or your partners have unlimited liabilities. Your creditors can attach personal property. In the case of a partnership, all partners are mutually liable. If one partner has no personal asset, and the other has a lot of money, the creditor can go after the one who has more money to cover the debt.
If your business is a limited company, then, the creditors can only go after your business assets. They can not touch your personal property.
Hopefully, you did not personally guaranteed any debt for the company. If you did, you could still be held liable.
2006-12-24 15:03:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you personally signed for the loans then yes. Most creditors will insist on a personal guarantee which will extend beyond the corporate veil.
2006-12-24 22:57:06 · answer #2 · answered by KC 4 · 0⤊ 0⤋
You should be safe if your company is LLC. (Limited Liability Company).
2006-12-24 22:50:38 · answer #3 · answered by classic 6 · 0⤊ 0⤋
basically, no. depends on your state.
2006-12-24 22:44:30 · answer #4 · answered by ill take it straight with no ice 3 · 0⤊ 0⤋