When to shut down personal liability
Approximately a week ago, Simeon Simeonov posted a piece on the subject of when to throw in the towel. This was in response to another post by Jason Calcanis that seemed to be arguing for fighting on against all odds. My personal sense is that each situation is different and has to be evaluated on its own merits. All that being said, I am guessing that there are a lot of conversations in a lot of board meetings about whether or not to shut down and that there will be many many more in the coming months.
At the risk of interjecting lawyerly details into a passionate conversation, when you are in the zone of contemplating a shut down, you are also in the zone of having to think about personal liability. There are some legal things to keep an eye on. I have written on this subject before and thought that maybe it would be a good idea to make it easy to find these posts. Here they are:
The lawyerly disclaimer is that each situation is unique, and you need specific advice if you find in this kind of situation.
Here's hoping you don't.
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