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Originally posted by Sassyass
Just keep in mind that the government has changed the laws on how corporations work. And it's in their best interest not to allow people to create a corporation, rape it, bankrupt it, and then run with the money without repercussions. (Not saying that is what your brother is doing)
I would guess that he is a S corp. Where he is incorporated will make a difference, but like I said, The 80?s taught the government that it needs to tighten the laws on how to exact it?s pound of flesh from fledgling business.
I was 10% owner in a corporation that was sold out from under me, and the IRS was on me for 4 years about paying back employee taxes. We were a S corp. out of Delaware.
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If you review most of the new laws that where passed and the ones being talked about now you will see that most apply to public corporation or corporations and are mostly going to be enforced by the SEC.
Even as a private company that raises money under a 504 the same rules dont apply as if they where publicly traded.