Legal Question in Business Law in California
I had a construction company that has now been dissolved. One of my trucks received a fine of $7,000. for being over weight. I was filed as a corporation sub S. Am I personally liable for the debt or does it get dismissed because of the dissolution?
2 Answers from Attorneys
It depends on whether the trucks were registered in the name of the company or in your name. You also might want to take a look at the dissolution paperwork.
It depends on whether you took any assets of the corporation when you dissolved it. The owners of a corporation when it is dissolved are liable for unpaid debts of the corporation up to the amount of corporate assets they took upon dissolution. If you liquidated the corporation and paid out all the assets to creditors, you have no liability (if you maintained a valid corporate form, of course).
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