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Startup Law: What happens if a corporation is not shut down properly?

Startup Law: What happens if a corporation is not shut down properly? by @R44D

Answer by Raad Ahmed:

If your corporation is not properly shut down, then it can still be liable for various requirements. It sounds as if your particular situation, the loose ends aren’t likely to cause too much of an issue in the future. However, if by chance you have overlooked something, it could be an incredible issue in the future.

If your business is not shut down properly you are still responsible for the following:

  • Continued liability
  • Taxes
  • Proper reporting
  • Proper dissolution

It sounds as if cost is the main reason that you aren’t seeking out legal advice for this endeavor. If you are seeking an alternative to expensive law firm prices, LawTrades can help. We are in the business of linking clients with quality attorneys at an affordable, flat rate. All of our pricing is totally transparent and we even offer flexible payment options. Don’t leave your business hanging in the balance, contact us for a free consultation.

Startup Law: What happens if a corporation is not shut down properly?

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