Can a corporation that has no assets dissolve without any liability to creditors?
Full Question:
Answer:
We cannot give legal advice. The following is not a substitute for the advice of a local attorney. But we hope the information will be useful.
When a corporation dissolves, a process is undertaken by which any creditors are notified. These creditors may then make claims. Of course, if the corporation has no assets, there will be no money to pay any claimed debts. If the shareholders have maintained adequate corporate procedures, they cannot be held personally liable for the debts of the corporation - provided they did not personally guarantee any debts.
You can look at our corporate dissolution package here:
http://www.uslegalforms.com/ny/NY-DP-0001.htm
This is our New York Corporate Dissolution law summary:
http://www.uslegalforms.com/lawsum/?l=4107
