Going out of Business-Liabilites?

Question

After 5 years my business will be closing its doors. I have a contract for my phone service that I can no longer pay. Will I be held liable for this contract under my personal credit or is this simply a business P&L for the phone company?

Answer 1

Are you an LLC, S-Corp, sole proprietor?   You should not be personally labile, since the contract should be with the business.