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Thinking of Closing Your Business?

| Jun 17, 2021 | FTB, IRS |

Over the past year many California businesses have faced difficult choices, including the decision to remain operating, or to shut down. For those who have ceased business, it is important to make sure you have legally terminated your entity with the State of California.

There are many steps in dissolving, surrendering, or canceling a California business entity. Some of these steps include making sure all delinquent tax returns have been filed, up to the current or final year the business was in operation, and then filing a dissolution, surrender, or cancellation form with the Secretary of State within 12 months of the final tax return.

Suspended or forfeited business entities need to go through a revivor process, which includes filing all delinquent returns, paying any and all penalties, fees, and interest, and filing a revivor request form. Once the suspended or forfeited business is in good standing, it can be dissolved, surrendered, or canceled.

More information about these processes can be found here. If you need help closing your California business, or in going through the revivor process, our attorneys are here to help.

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