My question involves business law in the state of: VA
I am 50 percent shareholder of a S-Corp and my wife is the other 50 percent. The corporation has a LOC (Line of Credit) 40K with a local bank that is unsecured and in the corporation's name only. Signed by me as the President. The bank has renewed the LOC for the last four years, but this year has decided to call it and won't budge. Now they are threatening to send it to a collection agency. What can they do? Especially to me personally. The company has never missed or been late on this LOC in the four year history, but I guess that is irrelevant.