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Liability after leaving corporation?

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pominax

Junior Member
I live in Texas, but am incorporated in Arkansas. I would like to know what my liability is for agreements and contracts I have signed as an officer of a corporation, once I leave the corporation. Specifically, the corporation builds houses, and I signed bank loan papers to secure funding to build two houses. My associate has been doing the actual contracting and also signed the papers. I wish to leave the corporation, but I would like to understand what kinds of legal problems I may be making for myself. Thanks!
 


BelizeBreeze

Senior Member
Without knowing the formation of the corporation how do you expect an answer. There are many types of corporations that do not offer the personal liability protection as others.

Also, since we can't see a copy of the contracts that you have signed, again the problem of not having the facts to offer a valid legal opinion.
 

divgradcurl

Senior Member
I agree with BB, but in general, if you signed contracts SOLELY in your role as an officer of the ocrporation, then the corporation is liable for the debts, not you personally. However, from what you've written, it sounds as if you might have PERSONALLY guaranteed the loans -- if they used your credit report, for example -- in that case, you personally are liable for the loans until they are repaid.
 

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