Corporate Law

[gotts]

If a subchapter S corp. has been closed and it has been determined one of the original principals of the closed company is working under the identical name of the closed corp., what are the ramifications and recourses available to the principal of the closed corp. in that the principal of the identical corp. still has outstanding obligations to the closed corporation and original principal of the closed corp?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by gotts:
If a subchapter S corp. has been closed and it has been determined one of the original principals of the closed company is working under the identical name of the closed corp., what are the ramifications and recourses available to the principal of the closed corp. in that the principal of the identical corp. still has outstanding obligations to the closed corporation and original principal of the closed corp?<HR></BLOCKQUOTE>

What do you mean? What kind of outstanding obligations? Cleaning the toilets, mopping the floors, taking the trash out, credit card debts, unpaid taxes, unpaid notes and accounts R etc.?

 

[gotts]

The principal in question owes on notes backed by his personal guarantee. The principal in question operated with company equipment but did not deposit to the corporation.