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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 118200
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I am looking for a answer if I am liable for any debts owed

Resolved Question:

I am looking for a answer if I am liable for any debts owed to a USA compoany if I am a inc company out of canada ?
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 6 years ago.
Yes, you are liable for debts owed to the US company. Depending on the contract you have with them, they would have to sue you in Canada, but the Canadian courts will enforce such debts against Canadian citizens just as a US court would enforce the debt owed to a Canadian citizen.


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Customer: replied 6 years ago.
Even though I am a Inc company ..they can still sue me personally ???
Expert:  Law Educator, Esq. replied 6 years ago.
NO, I am sorry for misunderstanding. As an INC you are not personally liable unless you signed a personal guarantee, but your INC is liable and can be sued.
Customer: replied 6 years ago.
Now if my company has taken too many looses from clients in the USA whom have not paid my company am I allowed to keep all of the money my company collects after we close the doors ?
Expert:  Law Educator, Esq. replied 6 years ago.
That question, unlike your first, is one of Canadian law which a US law expert (like myself) cannot answer for you. That would be a separate question you would have to ask in the Canada law section.
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