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IL S-corp personal liability
Quincy, IL
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Posted 11 months ago in Corporate / Incorporation
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I have a possibility to gain 10% ownership in an IL S-corp. If corporation goes bankrupt or gets into finacial trouble will I be liable for any part of its debt or other obligations. I would not have to sign any document such as loan guarantee and would not be an officer in the s-corp
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Answers (1)
Peter LaSorsa
This attorney is licensed in Illinois.
Posted 11 months ago.
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Unless money is co-mingled or there is fraud, you can only lose your investment in the corporation. If you co-sign documents personally guaranteeing than you would also be personally be liable.
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