Can the state come after my savings if my wife’s corporation hasn’t paid its corporate taxes in 6 years?
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Can the state come after my savings if my wife’s corporation hasn’t paid its corporate taxes in 6 years?
She never dissolved it; it’s a one person corporation. She has a very small hairdressing busness out of our garage. She incorporated to prevent anyone from going after her personal assets. She has an accountant who never told her to dissolve the corporation. She has been filing personal income taxes with the state for those 6 years.
Asked on March 20, 2012 under Business Law, Massachusetts
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Since under the laws of all states in this country a corporation is a legal entity and if the corporation has not paid its corporate taxes for many years where your wife is the sole shareholder, I doubt that the state that you live in will go after your own personal saving for the unpaid taxes.
I suggest that your wife consult with a business attorney to simply dissolve the corporation so that you do not have to worry about the situation in the future.
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