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MY SON WORKS FOR A SMALL COMPANY OF ABOUT 9 PEOPLE. HIS BOSS

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MY SON WORKS FOR A...
MY SON WORKS FOR A SMALL COMPANY OF ABOUT 9 PEOPLE. HIS BOSS IS GOING TO FILE PERSONAL BANKRUPCY IN THE NEAR FUTURE AND TRUST MY SON LIKE HE WAS HIS OWN. HE WANTS TO PUT MY SON DOWN AS PRESIDENT OF THE COMPANY BUT MY SON DOESNT FEEL 100% POSITIVE ABOUT TAKING ON LEGAL ISSUES THAT MAY ARISE. HE WILL HAVE THE AUTHORITY TO SIGN CHECKS, HIRE, FIRE,ETC, BUT HE IS ONLY 18. I DON'T FEEL COMPLETELY COMFORTABLE WITH ALL THIS. HE'S TOO YOUNG TO HAVE ALL THIS ON HIS SHOULDERS. MY SON SAID HE WILL HAVE IT PUT ON PAPER THAT HE CAN BACK OUT AT ANY TIME, BUT I DON'T THINK YOU CAN DO THAT EASILY. HE'S ONLY WORKED THERE 6 MONTHS..I NEED A SECOND OPINION. THANK YOU
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 29 minutes by:
7/6/2009
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 8 years ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 20,213
Experience: B.A.; M.B.A.; J.D.
Verified

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.


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Customer reply replied 8 years ago
I thought personal bankrupcy and bussiness bankrupcy were two different things.
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 8 years ago
Personal and business bankruptcy can be two different things. However, they are related. In this case, your son's boss must list his interests in the business as one of his assets in his personal bankruptcy case. In addition, if he has been running his business as a sole proprietorship even if the business is incorporated or an LLC, for instance mixing up his personal finances with his business finances, his creditors on his personal bankruptcy case may ask the bankruptcy Court to pierce the corporate veil so that they can go after his business even if his business is not the one filing for bankruptcy protection. If this happens, then litigation would ensure dragging the officers of the company including your son into his boss' personal bankruptcy case.
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Customer reply replied 8 years ago

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.

Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 8 years ago
I have answered your original questions, and then answered your followed up question.

I cannot continue to answer your questions without being credited for my efforts.

I will now opt out and let another expert assist you.
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Phillips Esq.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 20,213
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Experience: B.A.; M.B.A.; J.D.

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