Dissolving Corporation

[vanessa sevilla]

New York, I want to know what I have to do to disolve a corporation? If the corporation has an existing small business loan with a bank by disolving the company does that disolve the loan contract? The president signed a personal guarantee, the person has no assests and the business was closed, what might happen next, and what are the rights this person has (the president)?

 

[loku]

If the corporation does not pay the debt, then the president will be liable on the personal guarantee. The bank has the right to sue him for the money. It they win and the person has no assets, the bank could guarnishee wages.