Legal Question in Business Law in Texas
S Corp Acquistion
Once the sale is complete of a Texas S corp and the money is transferred, how long can the old company keep the money before paying the stockholders.
Asked on 4/02/07, 7:34 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: S Corp Acquistion
As long as it wants before the shareholders threaten the board of directors with a derivative lawsuit. The tax liability for the profits accrues at the end of the corporation's fiscal year; Dec. 31 for an S corp.
Answered on 4/03/07, 11:50 am
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