Originally Posted by Henry17
I've only casually heard about this but from the little I know there will almost certainly be an attempt to pierce the corporate veil and a pretty good chance it will be successful.
I don't know a ton about it, but my dad has worked in 3 different companies all started by the same guy after selling a previous one, and starting another.
The 2nd one he raised bunch of money, flew around the country in private jets looking at companies to buy (business model was buy xyz company, fix it, then flip it) and never bought anything. He leased office space in downtown Chicago and got them to do 100's of thousands of dollars on remodeling/furnishing.
When nothing happened with the company he bankrupted it and just started another one, leaving everyone else owed money to holding the bag.
Again, not sure how all this plays out but with the right set up and a good attorney on your shoulder I'm pretty confident you can have multiple companies that are successful and bankrupt one and not be responsible personally.
Always been curious about this though.