Moving From One Corp to Another

Question

Nov 11, 2006, 01:13 PM

jacquemcm

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Join Date: Nov 2006

Posts: 1

Moving From One Corp to Another

I have a client who owns a corporation. The corporation may have a civil suit filed against it for an issue arising from wrong doing on the part of a former employee. The shareholders are wanting to form a new corporation to protect the business assets. Does this give them protection if the old corporation does end up with a judgement against it?

Answers

Nov 11, 2006, 02:59 PM	#2

ScottGem Computer Expert and Renaissance Man Join Date: Jan 2003 Location: LI, NY - USA Posts: 33,652 Pay to call ScottGem for advice ($.75/min)	More likely a court would consider this fraud.

Nov 11, 2006, 03:12 PM	#3

Fr_Chuck Christianity Expert Join Date: Nov 2005 Location: Georgia Posts: 36,875	yes, they are of course free to start a new corporation, but they can't transfer assests to the new one. You can close the one corporation, go out of business, sell off everything, divide it amount the stock holders. But most likely the courts would still follow the assests of the corporation.

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