If my father passed away and my mother wants to make me president of our incorporated business, does that make me liable forits debts?

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If my father passed away and my mother wants to make me president of our incorporated business, does that make me liable forits debts?

Also, if I am president and the business closes will I still be able collect unemployment?

Asked on January 10, 2012 under Business Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the business that your mother wants to appoint you president of is an existing corporation with adequate assets, you would not be personally liable for the corporation's debts by solely being its president.

If you are an employee of this corporate business and the business closes where you have no ownership interests in it, you would be able to collect unemployment. However, if you are an owner of it, you would not be able to collect unemployment benefits.

 


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