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

AND HAS NOT DONE BUSINESS...
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
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Answered in 2 minutes by:
7/26/2013
TexLaw
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4,430
Experience: Lead trial/International commercial attorney licensed 11 yrs
Verified
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.
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Customer reply replied 4 years ago

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


DO I NEED TO ANSWER ANY QUESTIONS FROM THESE


PEOPLE

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?

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Customer reply replied 4 years 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


 

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.
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Customer reply replied 4 years 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

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.
TexLaw
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4,430
Experience: Lead trial/International commercial attorney licensed 11 yrs
Verified
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TexLaw
TexLaw
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Category: Legal
Satisfied Customers: 4,430
4,430 Satisfied Customers
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