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Abandoning the corporation

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Sergei

Junior Member
What is the name of your state? MASSACHUSETTS.

In march of 2007 I registered a corporation. Business never took off and I was going to close it. However, I learned that it costs money and it is absolutely safe to just abandon it, because after a few years of not filing annual report, it will be shut by the state anyway with no consequences. Is this true?

And if it is, than can I open another legal entity in case I will want to, while my original corporation is still live, but "marked" as unresponsive in the Office of the Secretary of State.

ARE THERE REALLY NO CONSEQUENCES FROM JUST ABANDING THE CORPORATION?

Thank you!
 


oldman9

Junior Member
However, I learned that it costs money and it is absolutely safe to just abandon it
Not quite. The corporation still OWES the State annual fees and filing obligations even though it's "abandoned."

after a few years of not filing annual report, it will be shut by the state anyway with no consequences. Is this true?
Yes, it will be shut down, but not "with no consequences." The corp still owes the fees and filing obligations.

can I open another legal entity in case I will want to, while my original corporation is still live, but "marked" as unresponsive in the Office of the Secretary of State.
Yes, you can create a new legal entity and abandon the old one.

HOWEVER, it is your big loss if you do so!! An "aged" corporation is a VERY VALUABLE asset, if you know how to use it. Hey, if you don't want it, assign the rights to me; I will pay up the fees and use it for myself!
 

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