Show notes
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?Sign up for the Startups Newsletterhttps://www.startups.com/newsletterResources:Startup Therapy Podcast https://www.startups.com/beginJoin our Network of Top Founders Check in with us on LinkedIn | Wil Schroter | Ryan RutanWhat to Listen For00:00 Intro02:50 You’re stuck with the liabilities08:27 Who pays the wind-down entity?10:58 Filing for personal bankruptcy14:14 Everything maps back to you16:48 Adding more liabilities19:37 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 company33:42 The personal liability is the scariest part36:32 Be mindful of what you sign and don’t keep adding liabilities38:09 Treat those liabilities as your own40:05 You can renegotiate41:36 No long term agreements