If I abandon a corporation are there any consequences?
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If I abandon a corporation are there any consequences?
We only owe about $650 in business tax. Can I be held personally responsible?
Asked on August 14, 2012 under Business Law, Tennessee
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Potentially you personally could be held liable for back taxes owed by the corporation where you are one of its shareholders. However, most likely you will not. I suggest that you consult with a business attorney about getting the paper work in order to dissolve the entity. When signed and dated, file the notice of dissolution with your state's secretary of state. Make sure all creditors are given notice of such.
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