CanI dissolve a corporation ifI might have to file bankruptcy on it in the future?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

CanI dissolve a corporation ifI might have to file bankruptcy on it in the future?

I have a corporation that I want to dissolve because I am not doing business under the corporation anymore. However, I may have to file bankruptcy for the corporation. Not sure at this time. I would like to dissolve the corporation this year so I would not have to file 2011 income taxes on it. Should I wait to see if I need to file bankruptcy first or is it OK to dissolve the corporation first and possibly have to file bankruptcy later?

Asked on October 12, 2010 under Business Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Whenever you dissolve the corporation you will still be responsible for the filing of whatever documents required under the law: tax returns, profit and loss statements - whatever - for the calendar year in which the corporation operated. The dissolution will just allow you to set a date certain that the corporation legally ceased to exist. Closing out the corporation may be something that you should speak about with an accountant, as the timing of same may impact on the finances of the corporation. So although legally there would really may not be any issues, financially there may be some.  They can be too different things and advise should come from two different sources. Good luck.  


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption