My business (which is an S-Corp) will be closing it's doors. We have taken a huge hit over the past year and a half and are not able to keep the business open. I am the presdient of the business and am now broke, destitute and am currently in the midst of a bankruptcy...and need legal advice. When we close the business who is responsible for the debt? There is nearly 500,000.00 worth of debt -- and approximately 80,000.00 are unpaid taxes (I thought they were being paid, but now know differently) One of the owners is trying desperately to bail on the business, turn it's shares back and wants to be excluded from his 1/3 ordership of the company as well as all of it's debt. Anyone have a answer for me?
2007-04-25 12:25:31 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
You need more advise than you're going to get here. My only suggestion is to get a good lawyer. You're going to need one.
2007-04-25 12:31:02 · answer #1 · answered by Angie 6 · 4⤊ 0⤋
I was on the same situation and this site helped me CREDIT-COMPARE.NET-
RE Who is responsible for all this debt!?
My business (which is an S-Corp) will be closing it's doors. We have taken a huge hit over the past year and a half and are not able to keep the business open. I am the presdient of the business and am now broke, destitute and am currently in the midst of a bankruptcy...and need legal advice. When we close the business who is responsible for the debt? There is nearly 500,000.00 worth of debt -- and approximately 80,000.00 are unpaid taxes (I thought they were being paid, but now know differently) One of the owners is trying desperately to bail on the business, turn it's shares back and wants to be excluded from his 1/3 ordership of the company as well as all of it's debt. Anyone have a answer for me?
2014-10-15 15:21:23 · answer #2 · answered by Griffith 1 · 0⤊ 0⤋
Angie is right. You definitely need legal advice that you won't get here. I am fairly sure the person that is trying to bail is out of luck. Beyond that, I don't think tax debt can be discharged though bankruptcy. If one person deceived the other by claiming to pay the taxes, you MAY have a claim against that person, but I wouldn't count on collecting.
2007-04-25 20:08:28 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
you need a lawyer
2007-04-25 19:33:20 · answer #4 · answered by Anonymous · 1⤊ 0⤋