Is it legal in NYS to officially close a corporation but continue keeping open and using that company’s business bank accounts ?
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Is it legal in NYS to officially close a corporation but continue keeping open and using that company’s business bank accounts ?
Please advise
Asked on October 6, 2019 under Business Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
The corporation's accounts belong to the corporation. If the corporation has been dissolved (assuming that's what you mean by "officially close") then the thing to which those accounts belonged now longer exists. Hence, the corporation's accounts can no longer be used, since the corporation--the thing owning those accounts--is not around to use them. It is similar to how a deceased person's accounts cannot be used after the person passed away. So what you describe is not legal.
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