Quote:
Originally posted by Sassyass
Are you a LTD or Inc what class?
There are different rules for different types of companies.
It's always safe to assume that if your company owes money and goes under, the owners will get hit with a bill.
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It is my brothers business not mine.
This is from the link that was provided by bringer.
"Corporation
A Corporation (Domestic - Articles of Incorporation/Foreign - Statement and Designation) generally is a legal entity which exists separately from its owners. While normally limiting the owners from personal liability, taxes are levied on the corporation as well as on the shareholders. The sale of stocks or bonds can generate additional capital and the longevity of the corporation can continue past the death of the owners. Legal Counsel should be consulted regarding the variety of options available for formulation."