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.
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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.