My corporation closed over two months ago. The bank filed a lawsuit and one a judgement. How does this affect a closed corp.

Before you dissolve, usually you are required to notify all 3rd parties who have contracts with you and pay off 3rd party creditors. If you did...

Am I entitled to see the 1120 information as a minority shareholder in a subchapter S corporation?

Yes, as a shareholder you should be entitled to see the books and records of the corporation which likely includes the 1120. Tell the manager this...

Can LLC members filing personal Chapter 7 bankruptcies affect their business assets?

Filing a chapter 7 bankruptcy means that all of your assets need to be declared and are subject to the court's jurisdiction unless they are exempt....

If i convert my S corp to a LLC can I prevent money from being taken out of my business acct from a judgment?

If the judgment was in your personal name, then they should only be able to place a lien on your business assets, but not directly levy the...

Forming an LLC or Corp in CA is too expensive for my very small business.

Corporations in California get a free pass on the $800 in the first calendar year of operations, whereas LLCs don't. Therefore, if you form a...

Will filing a chapter 13, stop the county from selling a house for a tax lien?

Yes, filing the bankruptcy petition will stop the county from selling a house with a tax lien on it due to something called the "Automatic Stay." ...

Single member LLC electing to be taxed as a corporation?

As an internet business, you are taxed where ever you have an economic "nexus" with the state. For internet businesses, this means where your...

How much money is a company required to report to the IRS, for an employee?

You can look in the Secretary of State database for their name in Florida. You should be able to find out more information about them that way. ...

Is there any way to ask the State of CA to forgive filing past FTB568 forms if the business is "canceled" and made no profits?

The FTB requires you to file form 568 even though the IRS does not because there is a gross receipts tax on California LLCs, so it is not truly a...

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Statue of limitations on loans against a trust

The time limit for repaying the funds should be specified in the loan agreement that was entered into between the trust and the person. If he is...