If a Startup Sinks, Founders Go Down With It

<p>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?</p><p><br></p><p><strong>Sign up for the Startups Newsletter</strong></p><p><a href="https://www.startups.com/newsletter"><strong>https://www.startups.com/newsletter</strong></a></p><p><br></p><p><strong>Resources:</strong></p><ul> <li> <a href="https://www.startups.com/community/startup-therapy">Startup Therapy Podcast</a><strong> </strong> </li> <li><a href="https://www.startups.com/begin">https://www.startups.com/begin</a></li> <li>Join our <a href="https://www.startups.com/community/founder-groups">Network of Top Founders</a> </li> <li>Check in with us on <a href="https://www.linkedin.com/company/startups-co/">LinkedIn</a> | <a href="https://www.linkedin.com/in/wilschroter/">Wil Schroter</a> | <a href="https://www.linkedin.com/in/ryan-rutan/">Ryan Rutan</a> </li> </ul><p><br></p><p><strong>What to Listen For</strong></p><ul> <li>00:00 Intro</li> <li>02:50 You’re stuck with the liabilities</li> <li>08:27 Who pays the wind-down entity?</li> <li>10:58 Filing for personal bankruptcy</li> <li>14:14 Everything maps back to you</li> <li>16:48 Adding more liabilities</li> <li>19:37 Creditors will follow you </li> <li>21:18 Can you sign under the company’s name?</li> <li>23:59 How safe are you inside the corporate veil?</li> <li>28:52 Buying the good stuff only </li> <li>32:15 Typical timeframe for winding down a company</li> <li>33:42 The personal liability is the scariest part</li> <li>36:32 Be mindful of what you sign and don’t keep adding liabilities</li> <li>38:09 Treat those liabilities as your own</li> <li>40:05 You can renegotiate</li> <li>41:36 No long term agreements</li> </ul>