A corporation is an artificial person that is created by governmental action. The corporation exists in the eyes of the law as a person, separate and distinct from the persons who own the corporation (i.e., the stockholders). This means that the property of the corporation is not owned by the stockholders, but by the corporation. Debts of the corporation are debts of this artificial person, and not of the persons running the corporation or owning shares of stock in it. The shareholders cannot normally be sued as to corporate liabilities. However, in this guaranty, the stockholders of a corporation are personally guaranteeing the debt of the corporation in which they own shares.
Seattle Washington Continuing Guaranty of Business Indebtedness By Corporate Stockholders
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State:
Multi-State
City:
Seattle
Control #:
US-01108BG
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Word;
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Chapter 7 bankruptcy applies to individuals who need to discharge most debts quickly, often liquidating non-exempt assets. In contrast, Chapter 13 bankruptcy is designed for individuals with a regular income who want to create a plan to repay debts over three to five years. If you are dealing with obligations related to a Seattle Washington Continuing Guaranty of Business Indebtedness By Corporate Stockholders, understanding these differences can help you choose the right path. Consult resources or legal forms on platforms like USLegalForms to navigate your options effectively.
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