How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Zachary Your Own Question

Zachary
Zachary, Attorney
Category: Legal
Satisfied Customers: 3820
Experience:  Lead trial/International commercial attorney licensed 11 yrs
Type Your Legal Question Here...
Zachary is online now
A new question is answered every 9 seconds

MY DAUGHTER OWNED A NEW YORK CORPORATION IT IS NO LONGER OPERATING

Customer Question

MY DAUGHTER OWNED A NEW YORK CORPORATION IT IS NO LONGER OPERATING AND HAS NOT DONE BUSINESS SINCE 2010
MY HUSBAND WHO IS NOW DECEASED AND LEFT NO ESTATE RAND THE COMPANY
HE MOVED THE BUSINESS TO NEW JERSEY IN 2010 RENTED TRUCKS UNDER THIS COMPANY
IN 2011 HE FORMED HIS OWN COMPANY( A DELAWARE CORPORATION) THE INSURANCE FOR THE VEHICLES WAS UNDER THE NEWCOMPANY AND ACCEPTED BY THE RENTAL COMPANY BUT THE BILLING WAS NEVER CHANGED TO HIS COMPANY NAME
ALL BILLS UNDER MY DAUGHTERS COMPANY WERE PAID BY THAT COMPANY
HIS RENTAL BILLS WERE PAID BY HIS COMPANY UP UNITL JULY 2012
IN ADDITION, THE LEASE TO THE BUILDING IS UNDER MY DAUGHTERS COMPANY AND HIS COMPANY PAID THE RENT FROM 2011 UNTIL HE PASSED IN JANUARYOF 2013
ALSO HE RECEIVED A SECURITY DEPOSIT FROM A CUSTOMER WHICH WAS SUPPOSED TO REFUNDED AT THE END OF THE CONTRACT WHICH EXPIRES THIS DECEMEBER 2013 UNDER MY DAUGHTERS COMPANY THE SECURITY DEPOSIT WAS USED AND DOESN'T EXIST SHE HAS ASSETS OF A PERSONAL NATURER AND I AM CONCERNED ABOUT THE RESPONSIBILTY FOR THESE DEBTS
Submitted: 12 months ago.
Category: Legal
Expert:  Zachary replied 12 months ago.
Hi,

Thank you for your question.

Because the business owned by your daughter is incorporated, her personal assets are protected from any liability of the business. So, if her father has entered into contract using her business' name, it is only the business assets which will be liable for these contracts.
Customer: replied 12 months ago.

WHAT DO I INFORM THE PEOPLE WHO ARE CONSTANTLY CALLING FOR THE MONEY


DO I NEED TO ANSWER ANY QUESTIONS FROM THESE


PEOPLE

Expert:  Zachary replied 12 months ago.
What ended up happening to your husband's business when he died?

Did anyone shut it down and cancel the contracts he was working on?

Customer: replied 12 months ago.


IT CEASED OPERATING I RETURNED ALL THE EQUIPMENT HE WAS USING HAD THE BILLS PAID WITH THE REMAINING MONIES THAT CAME IN


HE LEFT NO ESTATE NO WILL


HOW DO I DISSOLVE THE CORP SINCE I DIDN'T OWN IT


 

Expert:  Zachary replied 12 months ago.
Technically, if he was the sole owner of the corporation, then his shares passed to you and you are now the owner.

There are two ways to go about this. You can file an estate administration with the NYS probate court, and work with an estate lawyer to close down the matter.

Or,

You can simply follow the directions listed on the following website to dissolve the corporation.

http://www.tax.ny.gov/bus/doingbus/tr125.htm

In regard to the bill collectors who are contacting you. You need to tell them that you want them to send you in writing all the information on what they claim is owed to them. ONce you have their written information, you will then need to send them proof that the corporation is dissolved and that there accounts are not going to be paid and they need to close them.

In regard to the accounts which are in the name of your daughter's corporation, she will need to contact those account holders and handle terminating the accounts and paying off the remainder, or terminating her corporation.
Customer: replied 12 months ago.

SINCE MY DAUGHTERS CORPORATION HAS NO ASSETS AND HAS NOT HAD ANY SINCE 2010 WHEN ALL BILLS WERE PAID DOES SHE NEED TO DISSOVE THIS CORPORATION SINCE BASICALLY IT DOESN'T EXIST


HOW DOES SHE HAVE TO PAY THE REMAINDER ON THE ACCOUNTS


WHAT CAN THEY DO TO HER

Expert:  Zachary replied 12 months ago.
Her corporation is legally obligated on contract where the corporation is a party. If the corporation is invsolvent, she can try to dissolve the corporation. Since it has no assets and is not a going business, there is nothing anyone can do.

As long as she did not treat the company bank account as a personal piggy bank, then it will be respected and her personal assets will be protected.

She should go ahead and file dissolution papers for her company as well and follow the same plan as you will with your husband's company.
Zachary, Attorney
Category: Legal
Satisfied Customers: 3820
Experience: Lead trial/International commercial attorney licensed 11 yrs
Zachary and 14 other Legal Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it. Lee Michigan
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    8436
    JD, BBA Over 25 years legal and business experience.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8436
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/RA/ratioscripta/2012-6-13_2955_foto3.64x64.jpg Ely's Avatar

    Ely

    Counselor at Law

    Satisfied Customers:

    19941
    Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    8189
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/jespoag/2008-12-17_222355_jessepic.jpg JPEsq's Avatar

    JPEsq

    Attorney

    Satisfied Customers:

    2132
    Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor
  • http://ww2.justanswer.com/uploads/gsenmartin/2008-04-22_214950_me1.jpg Guillermo J. Senmartin, Esq.'s Avatar

    Guillermo J. Senmartin, Esq.

    Attorney

    Satisfied Customers:

    110
    7+ years of experience handling various legal matters.
  • http://ww2.justanswer.com/uploads/PA/PaulmoJD/2013-10-10_195858_JAImage.64x64.jpg Law Educator, Esq.'s Avatar

    Law Educator, Esq.

    Attorney

    Satisfied Customers:

    31621
    JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    15975
    Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.