Is an individual liable to pay corporate taxes?

In the early 90's I formed a corporation (In Delaware but live in Pennsylvania) which consisted of myself only, as the CEO. The business failed, but I never dissolved it. I just received a letter from the Penn Credit Corporation which is a collection agency. They want to collect almost $7,000 from me. I called the PA Department of Revenue, and they said that back in 1994 that they attempted to contact me about a jeopardy settlement or some such. They said the amount was $5,700, not $7,000, and that there was nothing they could do with the case. So, I called Penn Credit and asked how we got from $5,700 on Dec. 1 to $7,000 12 days later. I was told that this was an additional penalty added for the delinquency being referred to a collection agency. Anyway, my question is, as an individual, am I responsible for paying this tax? I thought one of the advantages of a corporation was to insulate the individual from the company? I would prefer to dissolve the corporation and not have to pay this "penalty".

-Thanks

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somebody
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Probably not. It partly will depend on relevant state law, and partly on if you took any money out of the corporation personlly (and if so how much and for what purpose). This kind of thing comes up in California all the time. The Franchise Tax Board will send assessment notices for a couple of years, suspend your right to transact business and eventually give up. Stu

Reply to
Stuart A. Bronstein

Probably not. It partly will depend on relevant state law, and partly on if you took any money out of the corporation personlly (and if so how much and for what purpose). This kind of thing comes up in California all the time. The Franchise Tax Board will send assessment notices for a couple of years, suspend your right to transact business and eventually give up. Stu

Reply to
Stuart A. Bronstein

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Shyster1040

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