Massachusetts Dissolution

[bizwiz79]

I am president of a very small Massachusetts corporation. My question is this: Upon dissolution, do we have to pay creditors (the total is less than $500) if the corporation is out of money? Please keep in mind that we did not personally guarantee the contracts. Any and all feedback would be helpful and appreciated. Thanks!

-John

 

[Tracey]

You aren't personally liable unless you took some corporate assets home instead of selling them to pay the debts (desk, computer, etc).

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws. [email protected] - please include some facts so I know who you are!