My question involves business law in the state of: California
OK, opened the corp in 03. My husband and I are the only stock holders and board members. Real Estate and Mortgage biz. Biz started tanking in 05. We personally guaranteed all debts. Sold and mortgaged everything (personally) in order to try to ride out the economic storm. We loaned (husband and I) the company and are still owed at least 200K. We have lost everything personally in the process. Biz account has $22.00. No transactions for the entire year of 09. Took a 13K loss for 08. Personal bank account has $250.00
I want to close the business and be done. I am ok with the personal guarantee of the debts as I am going to have to go personal BK any way.
Doing a business BK seems redundant.
Here are my questions
1)Can I amend my 08 tax return to be my Final return?
2) Since the biz owes us so much money, we are the largest creditor BY FAR can we repossess the small amount of furniture and computers (under 2K) as partial payment? There by having NO assets in the business.
3) Do we REALLY need to file a Biz BK? Seems like an unnecessary expense and since everything is personally guaranteed anyway, it all rolls down hill.
Any words of wisdom will be appreciated.