Legal Question in Business Law in Oregon
Dissolving Corporation
We are currently going out of business and starting another business of the same line only woman owned
My concerne is money not yet collected, how do I recieve the money if no more checking act in former name available and do all debts need to be satisfied or can they be paid from proceeds of new company?
What happens to any assets?
1 Answer from Attorneys
Re: Dissolving Corporation
You will not want to pay old vendors out of the new company, because it is unlikely that the expense would be deductable to the new company. Regarding collections and debts of the old company, your dissolution should follow the statutory procedure for dissolutions. As a person who ran a business, I question whether you really need to disolve if you are starting a similar business. You are giving up valuable name recognition and dissolution may not be necessary to achieve woman owned (and controlled) status for government contracts. I would be happy to consult with you in a very inexpensive way if you are interested in advice on these matters.
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