I have a business registered as an S Corp and it broke within a 10 months as a result i lost good amount. so i decided to close the business but we have some debts outstanding. a good friend told me if I no longer operate that business it will dissolve itself. but i wana know what happens to this debt and what rights do they have? please advice.
thank you!

Usually small business debt asks for a personal gurantee by a business owner. if contract signed had a clause that states if the business doesn't pay, owner will. then they will try to collect from you. though you can file personal BK to get out from under business debt.