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It is a limited company, and it's registered under a Delaware C-Corp.

I'm not familiar with the details of bankruptcy either. Will this damage my name and the name of the company?

Well, I'll probably be the guy named in bankruptcy, since my cofounder is in the UK.

Yes, I am in the US. Ouch, that sucks, see directly above.

You should edit your post if you can to mention that its a C-Corp. From what I know the C-Corp should be protecting you from personal liability, but I'm sure other commenters here have more expertise

Just for reference: The C-Corp does provide a pretty heavy liability shield. However, alot of these contracts where likely personally guaranteed. It's nearly impossible to open a merchant account for a young company without personal guarantees from the principles. The lawyer likely required personal guarantees on the retainer as well.

It's part of doing business really. Creditors really don't like corporate protection (for obvious reasons) so it's pretty easy to get yourself into a situation that they're seeing... although the high number of charge-backs is something of a head scratcher.

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