Episode description
In today’s Startup Therapy Podcast, Wil and Ryan discuss what will happen to the founder when the Startup company goes down. When a company starts to wind down, you might be shocked how everything maps back to the founder, from office leases to subscriptions, and now all of a sudden these company liabilities become your personal liabilities. How can you avoid this from happening to you?
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Resources:
- Startup Therapy Podcast
- https://www.startups.com/begin
- Join our Network of Top Founders
- Check in with us on LinkedIn | Wil Schroter | Ryan Rutan
What to Listen For
- 00:00 Intro
- 02:50 You’re stuck with the liabilities
- 08:27 Who pays the wind-down entity?
- 10:58 Filing for personal bankruptcy
- 14:14 Everything maps back to you
- 16:48 Adding more liabilities
- 19:37 Creditors will follow you
- 21:18 Can you sign under the company’s name?
- 23:59 How safe are you inside the corporate veil?
- 28:52 Buying the good stuff only
- 32:15 Typical timeframe for winding down a company
- 33:42 The personal liability is the scariest part
- 36:32 Be mindful of what you sign and don’t keep adding liabilities
- 38:09 Treat those liabilities as your own
- 40:05 You can renegotiate
- 41:36 No long term agreements