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by olalonde 220 days ago
Let's say you wouldn't have been able to reduce the fine to $1,500, could you just have closed the company to avoid paying the fine?
1 comments

Good question. We have considered all options. But the company cannot be officially closed without paying all taxes/fines, etc.

At the same time, with a C corp, only the company itself is liable for taxes and fines, not its founders. If a company does not have sufficient funds, it cannot operate, and there is a process for automatically dissolving the company (after several years, if you have no outstanding obligations to third parties, no fraud intentions, etc.). We didn't want to do this and be left with an unpaid bill in our minds.