Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law

I owned a small corporation selling used cars time. I got

Customer Question
I owned a small corporation...
I owned a small corporation selling used cars for a long time. I got audited in 2011 and it took the board of equalization over three years and finally they gave an amount way more than what i believed owed. I had to close my business a year later and when i went to close my sales licence the board of equalization audited me again. a second amount was requested. i don't have the money to give them. what is going to happen now? i haven't heard from them for months.
Submitted: 2 years ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 6 minutes by:
12/11/2015
Business Lawyer: LEV, Retired replied 2 years ago
LEV
LEV, Retired
Category: Business Law
Satisfied Customers: 30,714
Experience: Taxes, Immigration, Labor law
Verified

You mention that the business is organized as a small corporation - correct?
So - that corporation is a separate legal and taxing entity.
If the corporation closes its doors and may not pay its liabilities - including tax liabilities - that is a problem of that corporation - and it may file fro bankruptcy protection or could be simply dissolved.

Ask Your Own Business Law Question
Business Lawyer: LEV, Retired replied 2 years ago

Whether you personally as an officer of the corporation could be held responsible - that is a separate issue.

Generally as a shareholder of the corporation your personal liability is limited by your shares - so the most you may loose is your shares.
As an officer responsible for corporate activity - you personally MAY be held responsible if the money were distributed instead of paying taxes. So that woudl be very important to verify how corporate money were used.
But if there were NO distributions - you personally may not be held responsible.

Ask Your Own Business Law Question
Ask Infolawyer Your Own Question
Infolawyer
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 1,864
1,864 Satisfied Customers
Experience: Experienced lawyer

Infolawyer is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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

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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, 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.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,864 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I have a question about corporate law. I am 50% shareholder
Second opinion] I have a question about corporate law. I am 50% shareholder in an s corporation. My business partner spends half of the year abroad. He is currently out of the country. Our business is… read more
Michael Bradley
Michael Bradley
JD
1,193 satisfied customers
I buyout my 50% shareholder in 2012,but she not resigned
I buyout my 50% shareholder in 2012,but she not resigned what can I do? … read more
Lori
Lori
Juris Doctor
312 satisfied customers
I have a question about corporate law. I am 50% shareholder
I have a question about corporate law. I am 50% shareholder in an s corporation. My budiness partner spends half of the year abroad. He is currently out of the country. Our business is no longer solve… read more
Damien Bosco
Damien Bosco
3,395 satisfied customers
I sit on the board of directors for a corporation that has a
I sit on the board of directors for a corporation that has a bar business. Our treasurer and president took it upon them selves with no majority vote/ no vote at all to cash in investments. Discussion… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,300 satisfied customers
Second opinion] Would bankruptcy be a good solution to halt
Second opinion] Would bankruptcy be a good solution to halt a suing opponent from trying to pierce the corporate veil against my LLC? Specifically they are trying to serve a Subpoena to provide my LLC… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,393 satisfied customers
Would bankruptcy be a good solution to halt a suing opponent
Would bankruptcy be a good solution to halt a suing opponent from trying to pierce the corporate veil against my LLC? Yes my company really is bankrupt, only I havent had money to even file until rece… read more
Infolawyer
Infolawyer
Attorney
1,864 satisfied customers
Wanting to expand my business from one corporation to 2 or 3
wanting to expand my business from one corporation to 2 or 3 for further protection for each individual business. looking for someone to help … read more
Ely
Ely
Attorney
Juris Doctor
577 satisfied customers
Is there a rule which requires that a corporation (or LLC)
Is there a rule which requires that a corporation (or LLC) must have a lawyer in a civil case?… read more
Damien Bosco
Damien Bosco
3,395 satisfied customers
We have an s corporation. In the shareholder agreement there
We have an s corporation. In the shareholder agreement there is a provision that the corporation must repurchase shares from minority shareholder when offered. Shareholder Agreement further states tha… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,003 satisfied customers
If I start a Corp with a few shareholders and then form an
If I start a Corp with a few shareholders and then form an LLC with the corp as a member with another person as the other member, will the corp have liability protection from lawsuits against the LLC … read more
KLAW
KLAW
Juris Doctorate
1,773 satisfied customers
Can you close an 1120S corporation and still have the
Can you close an 1120S corporation and still have the benefits of a 1033 exchange pass through to the shareholders? … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,723 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,700 satisfied customers
Do all shareholders, ( 3 shareholder corporation) have the
Do all shareholders, ( 3 shareholder corporation) have the right to inspect the bank accounts? (florida corporation) … read more
Dwayne B.
Dwayne B.
Juris Doctor
28,693 satisfied customers
According to new law can only 50% shareholder and directors
According to new law can only 50% shareholder and directors apply for dissolution of the company without the knowledge of the other 50%?… read more
Ray
Ray
Lawyer
Doctoral Degree
30,899 satisfied customers
Texas. I am a shareholder and a note holder in a private
Texas. I am a shareholder and a note holder in a private company in Houston. I have given a partner my proxy of shares and he serves as my trustee with fiduciary responsibility. I just found out that … read more
socrateaser
socrateaser
1,031 satisfied customers
Is shareholder approval required to move a corporation out
Is shareholder approval required to move a corporation out of Nevada? We did a conversion to Colorado before our new annual list of officers and directors and business license was due. I think that is… read more
Ray
Ray
Lawyer
Doctoral Degree
30,899 satisfied customers
Can a corporate board require shareholder participation in,
can a corporate board require shareholder participation in, and personal guaranty of, future corporate loans against the wishes of the individual shareholder… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
My dad was a 51 shareholder in a new California corporation,
My dad was a 51 shareholder in a new California corporation, he used a buyout form to purchase for a 1 dollar the other 49 percent because the other shareholder had a difference of opinion on how the … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,700 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x