Bankruptcy and personal liability in a CORP.

[theriver]

What is the name of your state? Missouri

I am a partner in a company headquartered in Missouri. We are incorporated. If the company were to file bankruptcy with little or no assists, could I personally be held liable for outstanding credit card debt? I have never been the principle on a company credit card. Any card we hold is a company card with one of the other partners personally applying for the card. (Hope that makes sense).

Main question is if the company did go under, how would it personally affect me?

 

[SHORTY LONG]

It all depends how the Corporation was set-up in that, where were [you] included/listed as:
President, VP, Secretary., etc.

Normally the President or whoever initially started corporation, and holds at least 51% of the say so, is the one who will personally suffer.

Would need to see your Corporation filing, and bylaws, and minutes. So, the above is just pure speculation.

 

[CollectionGuru]

It all depends how the Corporation was set-up in that, where were [you] included/listed as:
President, VP, Secretary., etc.

Normally the President or whoever initially started corporation, and holds at least 51% of the say so, is the one who will personally suffer.

Would need to see your Corporation filing, and bylaws, and minutes. So, the above is just pure speculation.

Speculation I guess! lol Bylaws and minutes have nothing to do with corporate bankruptcy. If the business is incorporated, the only way that an officer could be held liable (short of some type of fraud) would be if he/she signed a personal guarantee with the credit card company. 90% of the time if a small corp has a CC someone had to sign a PG or the corp would not get the card. If you did not sign one then you have nothing to worry about. Also, it makes no difference who holds how much stock in the company.