Legal Question in Business Law in California

Our famly had a film corporation in 60's. There are some still royalties paid on some of the films, around $20k yearly. The original owner passed away and now the family has it. We would like to close the corporations. Do we have to pay some market value taxes to close them. Also we don't have the original stock certificates. How do we find the stock certificates. Incorporated in 1963


Asked on 8/01/09, 8:16 pm

1 Answer from Attorneys
Gordon Firemark Law Offices of Gordon P. Firemark

This is a situation for which, I'm afraid, there's no substitute for hiring an attorney. I can definitely help you with the dissolution and winding up of the company.

The old stock certificates are not critical, as long as the corporate records exist to show who received stock.

You'll need to have a vote of the shareholders to approve the dissolution, and someone will need to take on any outstanding liabilities, back-taxes, etc. of the company.

If there's still revenue coming in, who will receive it? (You might consider appointing an attorney or accountant to receive the funds, and distribute them to those entitled to the money).

I'd be glad to help. Please give me a call if you'd like a free consultation.

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Answered on 8/02/09, 11:49 am


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