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I formed a Delaware C-Corp when I had a different vision for my company. But now I have no plans to raise capital, get co-founders, issue stock, etc. I just wa

I formed a Delaware C-Corp when I had a different vision for my company. But now I have no plans to raise capital, get co-founders, issue stock, etc. I just want to run the company as as a solo-founder cash cow. I never issued a single share (even to myself), never assigned any IP, and the company has no tangible assets. I just ran expenses and payroll through the company. I suspect that would make closing the C-Corp easy. I'll then create a new CA LLC with completely separate books. I realize HN isn't a free legal advice forum, but any comments regarding the challenges of closing a DE C-Corp would be appreciated.

pdshrader 10y ago
Startup/Venture Capital lawyer here (but not your lawyer). Winding up a corporation can take a little time, but it's generally not terribly complex. It's mostly filing a few forms with the state. However, there are more considerations that you'll want to make as you decide what to do - one question being, "who is liable for the acts of your company before the CA LLC existed?" Entities, when properly used, can shield you from personal liability. But if the entity is no longer in existence, then you may end up being personally liable for any acts (without the proper planning).
deleted 10y ago
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