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Old 08-30-2007, 08:39 AM
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Default Order for Disclosure-corporation

State: MN
Hi, I'm not sure this is the right forum for this question....but I own a construction business and was sued in small claims by a client. A judgement was entered against me, and I have recieved an Order for Disclosure. Since my business was a corporation, my understanding is that this form is to be filled out with the funds/property owned in the name of the corporation...NOT my personal assets, right?

Thank you,
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Old 08-30-2007, 08:54 AM
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Quote:
Originally Posted by daughterofsarah77 View Post
State: MN
Hi, I'm not sure this is the right forum for this question....but I own a construction business and was sued in small claims by a client. A judgement was entered against me, and I have recieved an Order for Disclosure. Since my business was a corporation, my understanding is that this form is to be filled out with the funds/property owned in the name of the corporation...NOT my personal assets, right?

Thank you,

Was the judgement entered against you or against your corporation? What is the wording of the document? Does it ask for personal assets? Were YOU sued or was your corporation sued?
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Old 08-30-2007, 09:36 AM
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The judgement was entered against the corporation, and the order for Disclosure is adressed to corporations as well. My personal name is nowhere on this document.
It asks for checking/savings info, stocks/bonds etc, do you own home, own vehicle, jewelry, collections. So it is definitly asking for personal assets.
My corporation is still technically in existence, however, I do not operate that business. There is nothing in its name, no accounts, no property.
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Old 08-30-2007, 11:29 AM
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If suit was filed against the corporation only, and the judgment is against the corporation, then I would put the assets of the corporation down.

Those forms are usually generic forms, that are applicable for individuals, couples, or companies.
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Old 08-30-2007, 12:10 PM
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Yes, must be generic, but seemed confusing since what corp would own jewelry, etc?
So when I put zero for everything, what will they do then?
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Old 08-30-2007, 05:56 PM
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Quote:
Originally Posted by daughterofsarah77 View Post
Yes, must be generic, but seemed confusing since what corp would own jewelry, etc?
So when I put zero for everything, what will they do then?
Assuming that everything is as you say, well, this is the beauty of limiting your liability through corporations and LLC's and other similar entities.

There's really not much that can be done on their part.
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