I've been the treasurer of a small dog club in California for a couple of years. We were incorporated in 1970, however somewhere in the late 80's the club stopped filing tax returns and paying state incorporation fees. The club still is recognized by the State as a corporation but our status is suspended. Apparently in order to get out of suspension I need to get in good standing with the Franchise Tax Board which means I have to file back taxes. I don't have any financial records that date back more than a couple of years. How do I resolve this?
1 Answer from Attorneys
If you elect to revive it, find a good accountant and have him assist. I doubt the dog club has substantial income, but you will be faced with significant penalties and the $800 a year fee for being a corporation and failure to file annual statements.
You may want to consider starting a new entity, and simply abandoning the old one. The viability of this approach is a question of fact and history. It also may revolve around what type of corporation was involved. Was it a California mutual benefit corporation? A taxable entity? Something else?.
You need professional assistance to determine all relevant facts.
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