Quote:
Originally posted by Sassyass
An S corp. needs three officers.
President
Secretary
Treasurer.
This scenario would only work if he held interest, but no office (ie no control) which ties in to what I was saying before, if you own interest in a company and it goes under, you will be asked to pay.
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he asked if it will effect his personal credit rating and the answer is that if he never co-signed they can ask you to pay from here to chicago they cant report you as the debtor.
Even if he hold an interest it doesnt matter if its a corp he is personally protected except from stuff like payroll tax etc.