
Ask HN: Do you personally owe debt to Stripe if business goes wrong? - xstartup
If you start taking preorders by charging customers, later your project failed and all the customers filed chargebacks, do you personally end up owning debit to Stripe, personally if you were using LLC? Or you can just shutdown LLC and no one will care.
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bradleyjg
There's a couple of different issues:

1) What does your contract with Strip and/or your customers say? If you
personally guarantee something then you are going to be on the hook.

2) Piercing the corporate veil. Although normally a limited liability entity
does just that, there is a doctrine that allows the corporate identity to be
disregarded. Google that phrase should help get you started on what's
involved.

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xstartup
1) You can sign up on their website, they do not require you to sign any
contract.

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dozzie
How about you actually read your local laws or maybe consult a lawyer to
explain those to you?

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xstartup
Yea, but it will not open up this topic for a discussion. Stripe has been
recommended here to newbies a lot of time, there is lots of risk in going
around and accepting credit card payments from people you barely know. Some
might end up foolishly thinking that they can just charge any amount using
that API, withdraw that money and walk away.

