We closed our business due to sickness and now we’re deep in debt
My husband owned an ATV dealership for 17 years. It was an S Corporation. We put 2 kids thru college, we’re now in our 50’s. After 911 – business declined, but he struggled anyway and kept it open. I knew he had been sick for a while, but wouldn’t go to a doctor. Finally I got him there and his blood pressure was extremely high. The next day he suffered a stroke. While in the hospital they did other tests discovering lung cancer and heart failure. This month his disability started. I am still employed. Never worked with him.
After closing the business – which I knew nothing about – I discovered he owed over $30,000 in taxes to the state and IRS. Are we or he liable for those taxes since we have dissolved the corporation? I recently received papers stating judgements have been taken against the business. Does this affect us personally? I’m thinking about bankruptcy due to the store’s debt and medical bills we have incurred. Thanks for your help.
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