Will the owner of the business take responsibility for the formal law suit before close the business?

February 8, 2010 by admin · 2 Comments
Filed under: Small Business 
business suit
nyeastufo asked:

My friend is a small business owner, and recently, he involved in a small case law suit, since his business is so slow, he (or his business) can not afford to pay for the penalty (more than $5k), before the final of the court decision (he think he will lost), he want to close the business.
The question is, will he take the responsibility for the case even after close the business, will that lawsuit hold the liability for his own personal asset.
Any suggestion for him to pass the crisis. Thanks.

Related Blogs

Related Blogs

Possibly Related Posts:


Tags: , ,

Comments

2 Responses to “Will the owner of the business take responsibility for the formal law suit before close the business?”
  1. Ryan M says:
    February 10, 2010 at 5:33 am

    1) How are we supposed to know what “HE” will do?
    2) As far as his personal assets, those will ONLY come into play if the business was established as a sole proprietorship or a partnership. If he incorporated then they cannot be touched. Ryan M

  2. Kukuh says:
    February 12, 2010 at 1:26 am

    i try to write the answers your problem in my blog you can see any problem in my blog. Kukuh

Speak Your Mind

Tell us what you're thinking...