Givner & Kaye | Bruce Givner
That is too general of a question. If the company owes payroll taxes for employees, then you may have personal liability as an officer/manager. If the corporation owes back corporate taxes, it is unlikely that you would have personal liability. However, the answer may depend upon the state in which you live. Therefore, the best approach is to hire a professional in the state in which you reside.
Answer Applies to: California
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
Your questions leave out a lot of critical details (for example, what tax is involved, what state is involved) so only general comments can be made. Generally, a corporation if operated with the requisite formality normally shields its shareholders from corporate debt. In many cases these debts can only be satisfied by corporate assets. However, some taxes delinquencies can result in shareholder liability. Items such as payroll taxes where the shareholder is found to be a "responsible person" can result in personal liability. Also, in many states, sales taxes not remitted by the corporation can become a shareholder liability. Finally, if a shareholder personally guarantees a corporate debt, then they would have personal liability. In your case, depending upon the state and the taxes involved, you may have personal liability for corporate debt. You should meet with a corporate or tax attorney to discuss the details of your situation to get a definitive answer to your question.
Answer Applies to: Pennsylvania