Quote:
Originally Posted by Sly
Are you sure about that?
I have a corp. I can't just run around willy nilly and spend money that I don't have, declare bankruptcy, and then stroll off into the sunset. I am still held responsible.
I realize that it happens, but there's a little more to it than that.
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If your business is incorporated and it fails you can declare bankruptcy. If the business goes out of business the creditors will take any and all assets the business has, but as long as you set it up correctly they will not be able to touch your personal assets.
Now I may have overstated things in one area. If you personally do something that is considered reckless and causes the downfall of the company creditors or other investors/shareholders could sue you personally, but they would have to prove that whatever you did caused the destruction of the company.