A judgement was entered against my S Corp yesterday. Will they levy my corporate account? Is there a way to protect that account?
1 Answer from Attorneys
Unless there is some other asset to go after I would levy against the corporate account.
No, it probably is too late to do anything about that account. If you move it in a manner not consistent with the corporation, it could be deemed a fraudlent conveyance. This does not mean you can't use it to buy normal supplies, equipment and salaries. But if it goes outside of the expected aspects of the corporation you could have problems.
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