My question involves business law in the state of: New York
Last year (09) I was the sole shareholder of an S-Corp. A major Client of said S -Corp defaulted on $55,000 in invoices owed the company during 08. This left the S-Corp. with a stack of vendor bills for goods we had delivered without payment to said Client, based on their former stellar payment history. The S-Corp. did not sue the Client. The Client promised payment and the S-Corp. gave them time. In February of 09 I had a baby and so was pulled away from the day to day of the S-Corp. for a few months. The S-Corp. never received payment from the Client and eventually they went out of business. I was able to negotiate settlements on behalf of the S-Corp. with most of the vendors I had relationships with. I believed I would be able to either salvage the company or at least dissolve the corporation with no outstanding debts. However an employee had ordered goods from one vendor with whom I had no relationship. I understood from the employee that there were some mistakes with regard to the invoices from this vendor - that we were overcharged based on the signed estimate. We disputed the charges but in the end this vendor sued. The S-Corp. received a judgement in the mail against the company, however the S-Corp. had never been apprised of a court date. At this point we got a lawyer involved. The lawyer was able to get the judgement vacated (apparently the vendor had served a different company with a similar name). The court date was rescheduled for June 2010.
I have 2 questions:
1) I want to dissolve the S-Corp. but I'm not sure if I can with this case still pending. The S-Corp. has no assets and no bank account. It ceased paying employees at the end of 08 and stopped operating in June of 09. I don't want to continue filing tax returns on behalf of the company.
2) I have recently become an officer in a new corporation. Can the creditor legally try to collect from this new company or are there laws preventing that? The new company has nothing to do with the old company with the exception of the business address.