Hello all,
A friend and i have developed some web based products and looking into incorporating with two others. He hold majority of shares and has filed for bankrupcy when his company folded last year. I am not sure if the IRS has finished with him or not. What exposure do I have by starting something new with him?
Thank you so much!

Hi, I think your personal exposure will depend upon a lot of facts such as where you have tax debts, a former business owned by the debtor that is similar to your new business, products developed before or during a bankruptcy, or non-dischargeable debts. Going into business with someone whose debts were all discharged in bankruptcy before you do anything, there isn't much to worry about. Both you and your future partner should sit down with a bankruptcy attorney discuss the matters with him/her.