2007-07-02 05:54:13 · 4 answers · asked by una_ra 1 in Business & Finance ➔ Corporations
no, an S corp is a separate entity whose income or loss flows through to the owners. having the s corp status assures that you will not lose your personal assets if a law suit is filed against the corp, unless they are able to pierce the corporate veil.
2007-07-02 06:05:59 · answer #1 · answered by scott A 5 · 0⤊ 0⤋
A corporation is a legal entity. It can sue and be sued. The owner/owners of the corporation is just the employee. Their personal asset have nothing to do with the corporation. It is different from proprietorship where the owner has unlimited liability. If the proprietorship goes bankrupt, the owner's personal asset could be taken by the creditors.
2007-07-02 06:25:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Negative
2007-07-02 06:21:03 · answer #3 · answered by manabell 2 · 0⤊ 0⤋
No.
2007-07-02 05:56:51 · answer #4 · answered by hottotrot1_usa 7 · 0⤊ 0⤋