QUESTION
I filed personal BK 3 years ago. Now I am in default on a business SBA. Is business BK an option? Would I still be able to operate the business?
Asked on Jun 08th, 2012 on Business Law - Utah
More details to this question:
Three years ago I filed personal BK. I had an SBA loan that was held by my business, which I later defaulted on. I have been contacted by the US Treasury, who are demanding payment of $99,000. The business is organized as a S-Corp. Can I close the business and reopen under a different name and tax ID? Or can I BK the business and still continue to operate?
1 ANSWER
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The corporation is an entity separate from you personally. You can terminate its existence or have it file for bankruptcy.
Answered on Jun 09th, 2012 at 10:58 PM