.jpg)
Winding Down a CA Corp during a pending BK
Mark - this is a Chapter 7 case. I think I should have been more specific. My understanding is that the corporation will be suspended if the corporation does not pay the yearly minimum tax to the FTB and can not be dissolved if the corporation is in suspended status. Assuming it will take months for the case to close out, wouldn't the corporation be considered active in 2014 necessitating payment of the tax?
Regards,
Tuan Le
Tuan Le, Esq.
Law Offices of Steve Lopez
8562 Florence Avenue, Suite A
Downey, California 90240
Main: (562)904-1193
Fax: (562)262-2846
DISCLAIMER: This e-mail may contain confidential information and may also be legally privileged. If you are not an intended recipient, as indicated above, please notify us immediately. In such event, you should not copy or use this e-mail for any purpose nor disclose its contents to anyone. Enclosed information and attachments remain the property of the LAW OFFICE OF STEVE LOPEZ. Opinions, conclusions, attachments, and neither information in this message that do not relate to the official business of the LAW OFFICE OF STEVE LOPEZ should be understood as my personal responsibility, and as neither given nor endorsed by the LAW OFFICE OF STEVE LOPEZ.
The post was migrated from Yahoo.
Tuan:
To chime in, I agree with Mark and will explain the thought process
further.
Corporations do not receive discharges. Most likely, even if property
is liquidated, only a portion of debts will be paid, and the rest will
remain owing.
The FTB's taxes are no different. Yes, it will be owing. But it's just
one more dirty rag in the clothes hamper. It will be unpaid like the
other debts the corporation owes. The people who operated the
corporation just live with that fact and move on to other endeavors.
Steven B. Lever
The post was migrated from Yahoo.