CanI dissolve a corporation ifI might have to file bankruptcy on it in the future?

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CanI dissolve a corporation ifI might have to file bankruptcy on it in the future?

I have a corporation that I want to dissolve because I am not doing business under the corporation anymore. However, I may have to file bankruptcy for the corporation. Not sure at this time. I would like to dissolve the corporation this year so I would not have to file 2011 income taxes on it. Should I wait to see if I need to file bankruptcy first or is it OK to dissolve the corporation first and possibly have to file bankruptcy later?

Asked on October 12, 2010 under Business Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Whenever you dissolve the corporation you will still be responsible for the filing of whatever documents required under the law: tax returns, profit and loss statements - whatever - for the calendar year in which the corporation operated. The dissolution will just allow you to set a date certain that the corporation legally ceased to exist. Closing out the corporation may be something that you should speak about with an accountant, as the timing of same may impact on the finances of the corporation. So although legally there would really may not be any issues, financially there may be some.  They can be too different things and advise should come from two different sources. Good luck.  


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