i am part of a s-corp in Tucson, AZ.
we have been told that we owe over $35,000 in Transaction privelage tax.
The state officer made the statement that me as well as the oher share holders are liable. is this correct.
i thought the reason we filed as a s-corp was to remove personal liability.
If we close the corp. and file bankruptcy are we as share holders going to have to put up the tab.