10.29.08
Scary Stuff This Halloween
If a business gets ready to liquidate, the first question the shareholders need to ask themselves is, “What creditors have we personally guaranteed?” Everyone is aware that banks get personal guarantees, but some might not be aware that suppliers often include a personal guarantee on the credit forms. I’ve seen the phone company get guarantees. And did you know Michigan, by statute, imposes personal liability on officers for unpaid Michigan taxes?
