View Single Post
Old 09-10-2003, 06:12 AM  
Sassyass
Confirmed User
 
Join Date: Dec 2002
Posts: 1,101
Quote:
Originally posted by EscortBiz
He can close shop and goodbye charly, the thing is he has to make sure that in all the contracts he signed he never was a co-signer for the company etc.

It wont effect his personal credit as in the 3 credit reporting agencies but anyone that will do a search on him on a court house level will see he had a business where he was the president or whatever that went bankrupt.

Many who have corporations just close shop without filing anything, just notify the IRS etc. that its over.
An S corp. needs three officers.
President
Secretary
Treasurer.
This scenario would only work if he held interest, but no office (ie no control) which ties in to what I was saying before, if you own interest in a company and it goes under, you will be asked to pay.
Sassyass is offline   Share thread on Digg Share thread on Twitter Share thread on Reddit Share thread on Facebook Reply With Quote