My company is being sued for a large amount of money. I don’t have any assets in the name of my company and tax id number other than the checking/merchant accounts. These accounts don’t have a lot of money in them but all my income moves through them. If worse comes to worse and I get some judgement against the company can they somehow tap into these accounts? If so, should I try to change them in some way? One is with a bank and I believe it technically has my corporate tax id (used to be so i could cash biz checks). The other is with Paypal – so kind of remote. In my name and I have my company name on there too. Thanks for any advice and please be specific!
and no foolish answers PLEASE. I’ve already researched “piercing the veil” and if you really know what that is you’ll know it’s NOT the case here. It’s hard to prove AND I have not committed any fraud by simply using corporate checking accounts to pay off MOSTLY business debts with. I do with someone would explain the whole “freeze” thing. How can your checking accounts be “frozen” just because there is a judgement? I really thought only the IRS could do such things?