Is a business owner liable for a lease if the business closes and the corporation files bankruptcy?
492470
Did the business owner sign a personal guarantee on the lease?  If so, then the owner is personally responsible, unless the owner too files personal bankruptcy.
56315
If you are found liable for the injuries of the other person, then you are liable for that amount.  If they get a judgment against you for $1.5M, then they can go after your house, your business, your personal property, 401(k), etc.  If you don't have the money or don't own property, you are considered "judgment proof."  Some people might consider going into bankruptcy after taking such a hit.
281392
Depends on the state, and how easy it is to access their law information.\n\nIn Michigan, a quick search of Michigan's MCL laws comes right up with that info.\n\nNow, understand how it applies to you is a completely differant battle.  I would strongly suggest you get a bankruptcy attorney and let him explain it.
531044
There is no list.  Some do file bankruptcy, but an awful lot of startups that fail just quietly close their doors and disappear.\n\nIf you just want statistics, go to the SBA for data on the business failure rate in your local area.
666619
First the bad news:  when a company has declared bankruptcy, you have very little to no chance to get your paycheck.  Suing a bankrupt company won't do you any good either.  Unless your relative is an attorney, or you get a 'free' consultation, you might not get a good answer from an attorny anyhow.  \n\nThe good news: if you have enough social security paid, you might get an unemployment check.  You still could try to consult an attorney for a 'free' consultation.  If you are lucky, the company might have just enough money to pay some of your paycheck.\n\nMy advise: Start looking for another job.  At least it's not your fault that you lost your job.
774582
If you are a principal partner or a sole owner, you have personal liability and the bankruptcy will be reported in your personal name as well with all the attendant repercussions..
551002
Is this with a bank? or an individual? \nUnfortunately, this is considered a "high risk" industry, and therefore, the bank will most likely decline any funding if your credit rating has deteriorated, and the net worth & net income of the company is not showing profits. \n\nYou need to talk to the person, and ask them, if there is some way you can discuss other options, than them demanding the loan in full? \n\nFailing this, you need to assess whether you should stay in the business, I know it is tough, but if you are having a hard time paying now, what will change significantly to make you pay later? \n\nThis, may be the toughest realization, but it is what you need to consider.  \nI am not sure what you signed as security for the loan, however, you may have some options, and I would approach your Bank to discuss what the options may be.  Worst case, is bankruptcy, but there is a lot of decisions and choices in between. \n\nGood luck to you.
287630
You'd have to either do it via written resolution or by a board meeting (either way you need to put the original in your minute book and send a copy to whoever's asking for it).\n\nI don't know anything about your company but assuming its a corporation, i would hypothetically imagine that it might look something like this:\n\n\nWHEREAS, the Board of Directors have been presented a [PROPOSAL] by which the Company would lease [PUT SOME DETAIL ON THE LEASING ARRANGEMENT] from [NAME OF RENTAL COMPANY];\n\nWHEREAS, after careful consideration, the Board of Directors have agreed that entering into such a leasing arrangement with [NAME OF RENTAL COMPANY] for [DETAILS ON LEASING];  \n\nNOW, THEREFORE, BE IT RESOLVED, that the officers of the Company are hereby authorized and instructed to enter into the [NAME OF LEASING CONTRACT] by and between the Company and [NAME OF RENTAL COMPANY] and execute and deliver such document and such other agreements, forms and filings as may be required to lease the aforementioned vehicles on substantially the same terms as set forth in [THE PROPOSAL].
963200
You will be liable for the remaining months on the lease if and only if the landlord fails to re rent the apt.....that being said, the landlord has a duty to mitigate his losses, so he must actively pursue new renters.....The only way you would not be liable is if you can PROVE he made no attempt to re rent.\n\nBest case scenario for you is if he re rents right away and you are only responsible for the time the apt sat vacant.\n\nOf course, why would you sign a lease prior to viewing an apt?  Seems kind of strange.
449088
Was your business incorporated?  If so, check with your state's secretary of state to see if the corporation (or LLC) was administratively dissolved (due to failure to file an annual report).  If so, call the secretary of state and explain that you want to 'reinstate' the company, there's a procedure for doing it in every state that I'm aware of.\n\nThen, check to make sure the business filed all tax returns -- even if it didn't owe taxes, the business should still file a return.
86179
I am not a lawyer and you did not make it totally clear, but it seems like your obligation is only to the Franchisor and not the owner of the property. Of course that assumes that you were never a party to the original lease.\n\nIf the Franchisor has released you from your contract, then you would be clear.
503908
He's not personally liable until after he's been made aware of their behavior and had a chance to do something about it.  Even then, what he can be expected to do will be determined by the landlord-tenant codes of the state for evicting a tenant for breach of the lease.
102567
liabilty -definately. check with your town hall - they offer lots of great info for small businesses.
616075
The State Attorney can pursue charge's of embezzlement. it's up largley to the D.A.'s office. however the business owner is liable to pay the appropriate taxes as well as inform corporate partner's of his expenditure's
709638
Why should it be?\n\nThe parent company should not be responsible due to the fact that even though it is a parent company, they are still 2 different companies.\n\nYou cannot bankroll a company to keep it going just because it is a smaller company, if a company isn't making money, it's to be closed.\n\nThe parent company basically is responsible for the creation of the company, and it can use some of it's resouces to help it out, but what's the point of keeping the company if it's making a loss, must be closed.
649064
when a business is incorporated basically all it means is that the owners of the business aren't personally liable for the business... there are a few extra rules you have to abide by (like, you can't just pocket the profits, but you can basically set your own pay)...\n\nbest thing... is if the business flops, the bank won't come after your car and your house and it won't affect your personal finances if your business bankrupts...
127962
You are on the hook if you signed.  \n\nIf you don't want to file bankruptcy, then you need to find someone to Sub-let the space.  The landlord cannot reasonably turn down a viable sublessee, however, you may still be on the hook for the remaining term.\n\nRead the terms of your lease. Yes, it's a book you never read before, but now is a good time.\n\nIf you want good information as it relates to your personal position, you really need to seek legal advice from an attorney.  Money well spent if you are trying to preserve assets, and if you have a complicated financial situation.\n\nYour call.