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aa316
Dyn-o-mite!


Joined: 08 Mar 2007
Posts: 339

legal advice about incorporation status
PostPosted: Mon Sep 19, 2011 7:00 pm Reply with quoteBack to top

I have an S incorporation out of NV that b/c of the depression, lack of income etc I have fallen behind on fees etc. To get reinstated it will cost me over $1200 which I dont have. I need the incorp to protect myself should the unfort happen and injury results from using my product to quote my attorney advice years ago "if you get sued the corporation files BK and you wipe your hands free of it" 13yr old advice and Im in a different state now from where it all started. What are my options b/c I need the legal protection and tax advantages should I be able to turn things around and get my business going again?

Can I create a company out of Delaware and "start fresh" avoid fees fines etc?

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Aaron
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Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: legal advice about incorporation status
PostPosted: Tue Sep 20, 2011 2:05 am Reply with quoteBack to top

aa316 wrote:
I have an S incorporation out of NV that b/c of the depression, lack of income etc I have fallen behind on fees etc. To get reinstated it will cost me over $1200 which I dont have. I need the incorp to protect myself should the unfort happen and injury results from using my product to quote my attorney advice years ago "if you get sued the corporation files BK and you wipe your hands free of it" 13yr old advice and Im in a different state now from where it all started. What are my options b/c I need the legal protection and tax advantages should I be able to turn things around and get my business going again?


aa,

First off, my guess is that $1200 is going to be a bargain to make your problems go away to the best extent possible.

But beyond that, I would need to know more about what exactly you were doing under this corporation that you are worried about being pursued about. I assume RE investing?

If so, keep in mind, that simply creating another corporation and moving things to it, regardless of destination, can be considered fraudulent conveyance and you can be pursued PERSONALLY for it.

Now, that might not be a factor if there isn't much to pursue, or the creditors don't have the resources to expend on you.

But that's about as much as I can say without more details.
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aa316
Dyn-o-mite!


Joined: 08 Mar 2007
Posts: 339

Re: legal advice about incorporation status
PostPosted: Tue Sep 20, 2011 7:42 pm Reply with quoteBack to top

Aaron wrote:
aa316 wrote:
I have an S incorporation out of NV that b/c of the depression, lack of income etc I have fallen behind on fees etc. To get reinstated it will cost me over $1200 which I dont have. I need the incorp to protect myself should the unfort happen and injury results from using my product to quote my attorney advice years ago "if you get sued the corporation files BK and you wipe your hands free of it" 13yr old advice and Im in a different state now from where it all started. What are my options b/c I need the legal protection and tax advantages should I be able to turn things around and get my business going again?


aa,

First off, my guess is that $1200 is going to be a bargain to make your problems go away to the best extent possible.

But beyond that, I would need to know more about what exactly you were doing under this corporation that you are worried about being pursued about. I assume RE investing? No! I have a corp for a parenting tool/device I developed, so you know typical risk exists when it comes to little ones...

If so, keep in mind, that simply creating another corporation and moving things to it, regardless of destination, can be considered fraudulent conveyance and you can be pursued PERSONALLY for it.

Now, that might not be a factor if there isn't much to pursue, or the creditors don't have the resources to expend on you.

But that's about as much as I can say without more details.


Like I said b/c of the depression, pending BK and my unemployment I fell behind on fees etc and now to be reinstated covering all back fees fines it will cost over 12 closer to 1300 probably. I msg the reg agent firm as to what my options are. If I create the (new) company in say DE is that fraudulent?

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