triton3k Posted May 22, 2006 Report Share Posted May 22, 2006 if there is a judgment against me and I have my own corporation can they freeze money that is in my corporations account or can they only freeze the accounts that are under my personal name if the debt was incurred under my name? I live in New york city and any help will be greatly appreciated. Link to comment Share on other sites More sharing options...
Everyone Posted May 22, 2006 Report Share Posted May 22, 2006 That depends on a lot of things. What is your company registered as in the state you reside in? What is your company registered as with the IRS? Have you kept your business and personal finances separate? Link to comment Share on other sites More sharing options...
triton3k Posted May 23, 2006 Author Report Share Posted May 23, 2006 I havent setup the company yet but just gave this thought just recently as a creditor put a judgement on my personal bank account. I wanna try to keep both of these accounts as seperate as possible but the business will be mines. I just fear having a creditor put a judgement on both my personal and business accounts in the future. Link to comment Share on other sites More sharing options...
triton3k Posted May 24, 2006 Author Report Share Posted May 24, 2006 anyone got any info? Link to comment Share on other sites More sharing options...
admin Posted May 24, 2006 Report Share Posted May 24, 2006 As long as you don't mingle funds, and you truly treat the corporation or LLC (and you must incorporate), then the company will not be able to pierce the corporate sheild and get to you. Link to comment Share on other sites More sharing options...
triton3k Posted May 24, 2006 Author Report Share Posted May 24, 2006 ok thanks. Im not looking to mingle funds. Just wanna make sure they dont touch my corporations funds if they are coming after my personal. Link to comment Share on other sites More sharing options...
Everyone Posted May 24, 2006 Report Share Posted May 24, 2006 I would highly recommend you set your company up as an LLC then. Do some research on it, it's much cheaper than incorporating. You may want to elect to be taxed as a corporation with the IRS.Here's a good link for you:http://www.nolo.com/article.cfm/objectID/D7043E4E-91CB-4B29-B8DC0DDA10AD4B3B/111/182/245/ART/Nolo has a lot of good information on this subject, read around that site, you'll learn a lot. Link to comment Share on other sites More sharing options...
admin Posted May 24, 2006 Report Share Posted May 24, 2006 LLCs are definitely the way to go. Link to comment Share on other sites More sharing options...
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