I had a corporation that stopped doing business about a year ago.When I stopped doing business through it and joined some new partners I found in their business (they had an existing business). My business had virtually no assets (some laptops and two desks), however there was about $30,000 in debt my partners took on before I merged the business into theirs.
We never completed any merger paperwork and want to do that now (things were quite busy at the time). I don't know how to structure the merger or if it's even a merger or called something else. They paid me nothing for the business, I received nothing in kind except being brought on as an employee. They got $30k in debt liability and some laptops and two desks.
Grateful for any help on how this can be structured. Thanks.
We never completed any merger paperwork and want to do that now (things were quite busy at the time). I don't know how to structure the merger or if it's even a merger or called something else. They paid me nothing for the business, I received nothing in kind except being brought on as an employee. They got $30k in debt liability and some laptops and two desks.
Grateful for any help on how this can be structured. Thanks.