If a company declares bankruptcy can they come after owners?
admin | Apr 26, 2010 | Comments 2
Like owner’s personal property etc? I am only talking about a small percentage like owning 15 to 20 percent of the company. Could someone who owns that much of a company lose their household or car? Thankfulness! Oh and this is in the US if that matters.
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Filed Under: Bankruptcy
It depends on the way the company was set up. If the company is some sort of general partnership then you are personally liable for the debts of the company. If the company was set up as an limited liability partnership, or corporation your liabilities would be different.
If the company was incorporated, no.