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Fae and Carley had a tech business. After two unprofitable years, the business closed. At that point, the liabilities of the business were $100,000 larger
Fae and Carley had a tech business. After two unprofitable years, the business closed. At that point, the liabilities of the business were $100,000 larger than its assets. Under each separate situation below, how much money (if any) can creditors take from Carleys personal assets to pay the unpaid business debts?
A. The business is set up as a limited liability Company (LLC)
B. The business is set up as an S corporation
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