How to Obtain a Tax Type on eFiling
To get a tax type on eFiling, follow these steps:
- Go to eFiling.
- Navigate to the Organisations tab from the Taxpayer List.
- Open the menu and go to the Organisation Tax Types sub-menu.
- Tick the tax type and enter a tax reference number.
- Register by selecting the Register button.
What Happens When an LLC is Dissolved?
If you dissolve an LLC with known creditors, the members may be liable for amounts distributed.
Walking Away from a Suspended LLC
Founder Dana Shultz discusses the possibilities and risks of leaving a suspended LLC.
Reviving and Reinstating a Suspended LLC
When an LLC is in suspended status, it needs to be revived or reinstated to regain its legal operation. The process involves filing missing paperwork, paying outstanding fees and penalties.
Dissolution vs. Termination
The difference between dissolution and termination is explained within the context of California business entities.
Property Rights of a Dissolved LLC
After dissolution, the remaining members hold title to the former LLC property as tenants in common. Creditors may be able to force a sale of assets.
Business Suspension and Forfeiture
When a business is suspended or forfeited, it loses rights and privileges in California. Reviving the business requires filing past due tax returns and payment of tax balances.
Legal Consequences of Asset Sales by a Suspended LLC
While a suspended LLC is not legally allowed to operate or engage in transactions, illegal sales of assets may occur. Such transactions could be invalid and may result in personal liability for LLC managers.