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INFOLAWYER
INFOLAWYER, Attorney
Category: Business Law
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Experience:  LICENSED BUSINESS LAWYER
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My wife and I started a business as a LLC corporation. We had

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My wife and I started a business as a LLC corporation. We had to sell off the assets and go out of business after 3 years. Can creditors come after us personally or are we protected because we were a corporation? We were taught that the reason to form a corporaton is to separate business assets from personal assets.
Submitted: 7 years ago.
Category: Business Law
Expert:  INFOLAWYER replied 7 years ago.
You would not be liable personally provided you didnt sign contracts personally and didnt execute personal guarantees and clearly do not assume the debts now personally.
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