If a California Corporation is in Suspended status, is it better to start fresh or try to revive it? There is about $150K past due for taxes. It is a family business and we're trying to save it.
|
Read More Answered By: Timothy McCormick |
For a bill that big, the FTB is not just going to roll over because you start up a new business. You can't strip the assets out of the existing suspended corporation to start a new one, without the liability for the tax debt following the assets. Without knowing the whole picture, which is impossible to do in an internet Q&A, I can't even begin to guess at what strategy might be best to minimize the cost of saving the business, but just closing up shop and reopening won't do it. |
Huntington Beach, CA
Questions Answered: 13879
Last Question Aswered on: 2012-05-23
Tomales, CA
Questions Answered: 12208
Last Question Aswered on: 2012-05-24
Walnut Creek, CA
Questions Answered: 10403
Last Question Aswered on: 2012-05-23
Los Angeles, CA
Questions Answered: 6470
Last Question Aswered on: 2012-05-23
San Francisco, CA
Questions Answered: 6347
Last Question Aswered on: 2012-05-18
Tarzana, CA
Questions Answered: 5434
Last Question Aswered on: 2012-05-16
Mountain View, CA
Questions Answered: 2147
Last Question Aswered on: 2008-01-31
San Diego And Las Vegas, CA
Questions Answered: 2000
Last Question Aswered on: 2012-05-18
El Cajon, CA
Questions Answered: 1888
Last Question Aswered on: 2012-05-09
Orange, CA
Questions Answered: 1596
Last Question Aswered on: 2012-02-27
► I bought a used car three months ago. the dealer talked me into writing 30 post...
► Husband and wife are married in CA. Husband opens a compounding pharmacy of his own....
► Is it legal for a radiology group (mri,ct, us, X-ray) to buy a referring physician a...
► Is it legal if a business represents and presents themselves as an incorporation...
► I am a Defendant in a suit (unlimited) and have received Requests For Admission. In...
► We are a member managed LLC in CA and we wish to do a venture that issue stock to a...
► If a lawyer is a member in an LLC can he give advice to the other members as it...
More Business Law questions and answers in California| Bill of Sale | Living Will |
| Contracts | Notices |
| Divorce | Power of Attorney |
| Employment | Quitclaim Deeds |
| Landlord & Tenant | Real Estate |
| Leases & Rentals | Sales and Purchases |
| Letters | Wills |
| Living Trusts | More... |
© WebsiteBroker, Inc.
LawGuru.com | Advertise on LawGuru | Affiliate Program | Privacy | About Us | Press
