What if I attempted to incorporate and failed to do so properly? Am I now personally liable for all of my company’s debts?
The situation that you have been placed in is a dangerous one, but not all hope is gone yet. It really will depend on the types of liabilities that you may have incurred and what your state’s laws are. Some states will recognize an attempt to incorporate, if you had carried on as if there was a corporation and the failure to incorporate was not in bad faith. If you are in this situation, seeking the help of an attorney immediately is imperative since there can be a lot of gray area which only a professional can help you sort out.