Legal Question in Business Law in Pennsylvania

If your business is a corporation and it has closed and there are still outstanding bills but no money to pay them. What can be done in order to "officially" close the business.

Asked on 2/13/20, 11:17 am

1 Answer from Attorneys

Frank Natoli Natoli-Legal, LLC

If the business has creditors but no funds to pay them it is bankrupt. You need to consult a bankruptcy attorney in your area. Do not make any asset transfers until you understand your obligations and make sure you understand fully whether you personally are on the hook for any debts beyond the entity.

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Answered on 2/13/20, 11:23 am

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