Depends. Any debts that corporation has only belong to the corporation. They do not pass through to the president or any other member of any type of corporation, including an S corp. However, many small business owners foolishly sign joint liability agreements for debts the corporation generates. In that case, you are liable by contract. Always read the fine print on any agreements you sign while running your business. Keep a lawyer on retainer expressly for this purpose. Consider more aggressive asset protection measures.
