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My husband and I have a business corporation. The major

Good Morning, Lawyer's Assistant:...

Good Morning,

Lawyer's Assistant: Hello. How can I help?

My husband and I have a business corporation. The major vendor that we deal with has raised their wholesale prices so outlandishly high that we cannot compete with our competition. In fact, because of this price increase, they have put us out of business. Unfortunately, we are not the only dealers to be put in that situation. All the employees of this vendor are sympathetic with us, but the owner doesn't budge on pricing. We owe this vendor $300,000.00 and cannot pay it because we have no money coming in. The vendor is suing us for the money, but since our company is a corporation and we have no money, we can't pay it. They are trying to break the corporate seal, but our corporation was set up perfectly and it cannot be done. However, the vendor's lawyers just keep hammering at us from all angles, unable to find anything we did inappropriately. We have given the tons of documents to go through, and they have not found a loophole anywhere. This has been going since the beginning of 2016. WE have paid our lawyers over $21,000. so far and our funds are becoming depleted. Is there a time limit on this lawsuit? If they haven't found anything by now, and they won't, can we say "enough is enough" and put an end to it? By the way, they neglected to have us sign a personal guarantee.

Lawyer's Assistant: Since business law varies from place to place, can you tell me what state the corporation is registered in?

Indiana

Lawyer's Assistant: Has anything been officially filed? If so, what?

Oh yes. Official documents stating that they are suing our business. I have already given a deposition. They asked for more documents, which we gave. The judge is going to go over them and decide whether we can be held accountable personally. But it just keeps getting drug out.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I know of.

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Answered in 5 minutes by:
3/22/2018
Law Educator, Esq.
Category: Consumer Protection Law
Satisfied Customers: 123,240
Experience: Attorney experienced in commercial litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Unfortunately, there is no time limit on lawsuit. What you need to do is consider bankruptcy, which can put an end to this whole nightmare for you. If they have no personal guarantee, them piercing your corporate veil would be highly unusual for a court to do, since courts rarely take that extraordinary measure unless they could show you commingled funds or you were inadequately insured or your company was an alter ego for you personally. The fact they forgot to get a personal guarantee signed, that is their fault and they should not benefit by continuing to drag this out for doing so. As a matter of fact you also need to discuss with your attorney the possibility of seeking attorney's fees from them if you prevail and show they did not have good cause for trying to pierce the veil.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 1 month ago
Thank you. We had one lawyer tell us that they are probably working on a continuancy, but we don't know that for sure. Our corporation is air tight and my husband nor I did anything inappropriate. Our books are completely open to the them, It's just that we are going to go broke if this continues and my ulcers are taking a toll on my health. Filing for bankruptcy isn't on the table. We owned 600 acres of farm ground under a different corporation and they are trying to get that.

Thank you for your reply.

You need to ask the attorneys you have about bankruptcy on the corporation. Your personal assets would not be at risk in most all cases. It is rare they pierce the veil.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Consumer Protection Law
Satisfied Customers: 123,240
Experience: Attorney experienced in commercial litigation.
Verified
Law Educator, Esq. and 87 other Consumer Protection Law Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Thanks.

Thank you.

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Category: Consumer Protection Law
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