I am trying to dissolve my corporation but I still have a small lease outstanding till August 31, 2012 and internet.
What is the best way to close out my corporation? Will I have to apply for bankrutcy since we never made any money or can I apply for an intent to dissolve?
Thank you.
Asked 4 months ago in Toronto, Ontario
Categories:
Business Law
 |
 Ontario lawyer
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Bankruptcy can be an expensive process, and is often not worth while for a small corporation. However, if you have personally guaranteed payment of the lease then you should consider what the direct cost would be to you. It may be best to pay the lease to August, or even to find a sub-tenant if you have that option. When you apply to dissolve the corporation you will have to disclose the existing debts, and will not be allowed to dissolve it until they are dealt with.
Posted 3 months ago
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