This is partially correct. If you manage to sell the corporate entity to a third party without making any warranties about latent claims, you will not be conce

This is partially correct. If you manage to sell the corporate entity to a third party without making any warranties about latent claims, you will not be concerned about the corporation's liability. And the purchaser of that corporation is pretty foolish. However you are still responsible for your own personal liability when you operated the company. Did you breach your directors' duties? Did you commit fraud? Did you sign a guarantee for the obligations of the corporation? There are three ways to become personally liable off the top of my head. I'm sure there are several more.