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What are the possible consequences of being personally liable for businesses obligations?

April 26, 2017businesses consequences liable obligations personally possible

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What are the possible consequences of being personally liable for businesses obligations?

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Personal liability may extend to business losses, but other obligations may also reach individuals, including: damage awards in lawsuits; tax deficiencies and penalties; and back wages and benefit payments. The limited liability offered by incorporation shelters business owners from personal liability, as does insurance. Call The Medi-Law Firm at 305-549-7201 to discuss your circumstances.