What is the name of your state (only U.S. law)? Nevada
The situation:
There is a NV C Corporation that operated a retail store. The store closed in 2007. No transactions in 2008 or YTD 2009. All assets were liquidated so the only thing left on the books is debt owed to the 3 shareholders. Shortly after closing the store, the landlord sued for breach of lease. There is now a default judgment for $45k against the corp. The corp and share holders are also in the process of negotiating with a bank that holds a note with a personal guarantee (by the shareholders). The corp has been in good standing with the State since. The shareholders have no reason to keep the corp active. The questions are, what happens with the judgment if the corp is dissolved with the State? Does it make sense to keep the corp active because of this judgment or the pending item with the bank?
The situation:
There is a NV C Corporation that operated a retail store. The store closed in 2007. No transactions in 2008 or YTD 2009. All assets were liquidated so the only thing left on the books is debt owed to the 3 shareholders. Shortly after closing the store, the landlord sued for breach of lease. There is now a default judgment for $45k against the corp. The corp and share holders are also in the process of negotiating with a bank that holds a note with a personal guarantee (by the shareholders). The corp has been in good standing with the State since. The shareholders have no reason to keep the corp active. The questions are, what happens with the judgment if the corp is dissolved with the State? Does it make sense to keep the corp active because of this judgment or the pending item with the bank?