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Staying Alive

Could a former business come back to haunt you?

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This story appears in the June 1997 issue of Entrepreneur. Subscribe »

Q: I have a high-liability service business with no pending legal threats at this time. I want to discontinue this business and get into something with less liability, but I've been told I need to keep the existing corporation "alive" for several years to keep my personal liability protection on past work.

I always thought that past work would not be a threat if the corporation was closed down. I would appreciate any input you can give.

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