Hacker News Reader

Thanks for your reply!

2. Is the debt collector part actually true? I always thought debt collectors go after the corporate account and they will only come after your personal assets under very specific circumstances (such as if you haven't paid your employees). Do you have more information about this?

View on HN

Here is one nightmare scenario (which actually happens to some people). You withhold from employee salaries for taxes, but someone takes the money and disappears. Now, the other founders owe the tax bill AS A PERSONAL LIABILITY (not corporate).

What country/state are you in? Why would this be a personal liability?

I believe New York state holds corporation officers liable for unpaid payroll and payroll taxes. There may be other states with similar requirements.

Reply on news.ycombinator.com