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TexLaw
TexLaw, Attorney
Category: Business Law
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If you have a retail business in north Carolina and closed

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If you have a retail business in north Carolina and closed and owe money to vendors and have not signed personal guarantees and your company is a llc are you responsible personally
Hi,

Thank you for your question.

If you did not sign any personal guarantees on the purchase agreements with the vendors and signed the agreements as an LLC, rather than as you personally, then you are most likely not personally liable.

I say most likely not because there is a theory of law called "piercing the corporate veil" where a corporate owner can be made personally liable if the owner did not respect the corporate form (i.e., treated the corporate account like his personal account or was using the corporation as a sham). This is generally very difficult to establish and must be done through a jury trial.


Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Best Regards,
ZDN

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