If you invested a lot of personal assets in corporation 100% owned by you..but later on ran into personal debt issues, can your personal creditors attach your corporate assets eg: Cash, Inventory, Real Estate?
2007-01-30 01:55:08 · 2 answers · asked by corporatetrade 2 in Business & Finance ➔ Other - Business & Finance
Not if you are actually incorporated, this gives you a degree of separation. If you loaned money to your business, the business can pay you back some amount of interest for the loan as well. But if you used personal assets as collateral for a loan or line of credit, the creditor may lien the assets (ie. another mortgage on your house).
2007-01-30 02:05:55 · answer #1 · answered by Amy V 4 · 0⤊ 0⤋
If the corporation is owned solely by you, then the creditors can "pierce the corporate veil" and will definitely be able to seize the corporate assets.
2007-01-30 02:11:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋