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Your concerns are quite genuine and reasonable.
Your son should say thanks but no I will pass on this one. Your son should not be in a position of likely being a defendant in a lawsuit against the company as an officer of the company. If his boss is going to file personal bankruptcy, there is a probability that his business might be drawn into his personal bankruptcy case and your son as the President of the company and as such one of the officers of the company may litigate on behalf of the company in his boss’s personal bankruptcy case.
is there anything else i should know? Since my son is only 18, how much could he be liable for since he doesn,t own anything else as far as assets. Whats the worse possible thing that could happen to him if he went ahead with this. He doesn,t even have any credit. He thought this might be a good way to start since no banks are giving anything to anyone right now because of the economy. I just don't want this to back fire on him.