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You mention that the business is organized as a small corporation - correct?So - that corporation is a separate legal and taxing entity.If the corporation closes its doors and may not pay its liabilities - including tax liabilities - that is a problem of that corporation - and it may file fro bankruptcy protection or could be simply dissolved.
Whether you personally as an officer of the corporation could be held responsible - that is a separate issue.
Generally as a shareholder of the corporation your personal liability is limited by your shares - so the most you may loose is your shares.As an officer responsible for corporate activity - you personally MAY be held responsible if the money were distributed instead of paying taxes. So that woudl be very important to verify how corporate money were used.But if there were NO distributions - you personally may not be held responsible.