Posted by E ryan on 8/24/05

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The s corp has two officers each own 50% of the stock. One
officer has excessive personal debt not related to the
business. If this officer files for personal bankruptcy or
creditors begin to take collection action is the S corp
cash in danger. For example if there is $60,000 in cash in
the S corp bank account (both officers can write checks)
would any, all of this money be required to pay off
personal debts of the one officer?

Re: Personal Bankruptcy of S corp officer, 8/24/05, by v.

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