Abandoning an S-Corp

[quest71]

What is the name of your state (only U.S. law)? California

Question: I opened an S-corp company back in 2008 and I haven't done anything with it. Can I just abandon it without filing anything?

Thanks,

Edgar

 

[quincy]

What is the name of your state (only U.S. law)? California

Question: I opened an S-corp company back in 2008 and I haven't done anything with it. Can I just abandon it without filing anything?

Thanks,

Edgar

If you failed to meet California's annual filing requirement, your S Corp is already considered abandoned. But you could have filed a certificate of abandonment with the state, had you chosen to do it that way.

 

[quest71]

If you failed to meet California's annual filing requirement, your S Corp is already considered abandoned. But you could have filed a certificate of abandonment with the state, had you chosen to do it that way.

Thanks Quincy. I'm assuming you are talking about the statement of information doc that I am suppose to submit. What happens after my s-corp is abandoned? Am I responsible to pay anything?

 

[tranquility]

Thanks Quincy. I'm assuming you are talking about the statement of information doc that I am suppose to submit. What happens after my s-corp is abandoned? Am I responsible to pay anything?

Google "Ralite Decision". Read what comes up carefully. While you might be able to walk away, it is as likely you may not. (Especially if you took out any assets from the corp.)

Info edit:
While it would be easier to read the articles discussing the decision, the actual holding can be found here:
http://www.boe.ca.gov/legal/pdf/90_sbe_004.pdf