Legal Question in Business Law in California
suspended corp asset sale
How can a corp sell off its assets if the corp. is suspended for not pay taxes?
Asked on 12/05/08, 9:57 am
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Re: suspended corp asset sale
See previous answer to same question for details. The legitimate ways to do this are (1) through bankruptcy, and (2) by paying the FTB taxes and applying for and obtaining revivor. The often-used method of just going ahead and liquidating is not recommended, but whatever happens, the creditors including the FTB need to be paid before the insiders (directors, officers, stockholders) take anything, including salaries or repayment of loans to the corporation.
Answered on 12/05/08, 12:53 pm
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