Is it legal in NYS to officially close a corporation but continue keeping open and using that company’s business bank accounts ?

Please advise

Asked on October 6, 2019 under Business Law, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

The corporation's accounts belong to the corporation. If the corporation has been dissolved (assuming that's what you mean by "officially close") then the thing to which those accounts belonged now longer exists. Hence, the corporation's accounts can no longer be used, since the corporation--the thing owning those accounts--is not around to use them. It is similar to how a deceased person's accounts cannot be used after the person passed away. So what you describe is not legal.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.