Franchise Tax Board Suspension
If the state of California Suspends your entity and FTB applies a Suspension to your entity, you legally forfeit your right to do business. Contracts cannot be enforced. Other companies can legally cancel existing contracts. Entity cannot enter new contracts or sue for non- payment on existing contracts. Furthermore, entity cannot defend itself against any lawsuits during the time of Suspension. In addition, the Suspended entity can forfeit its legal right to its name and cannot legally do business. The suspended entity cannot sell, transfer or exchange real property and much more.
If your entity has been suspended and needs to be reactivated, contact us for pricing.
Revive Entity
An Entity that has been suspended can be revived. There are several steps that need to be taken in order to revive a Corporation or Limited Liability Company. Business must be in good standing with the State and Franchise Tax Board. Including any Past due Statement of information, delinquent tax returns and paying Penalties, Interest and fees plus up to date on California annual Franchise Tax due on the 15th of April.
If you have any questions or need help please reach out. We are here to take care of our clients.
