Limited California Partnership (CA-LP)set up but never started and never funded - Spidell

Limited California Partnership (CA-LP)set up but never started and never funded

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Message Board Limited California Partnership (CA-LP)set up but never started and never funded

  • This topic has 2 replies, 2 voices, and was last updated 2 weeks ago by Anonymous .
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    • #323761
      Anonymous
      Participant

      CA-LP was created in 2011 but never started or funded. Client under the impression they could walk away and did in 2011, never filed returns. Client getting a notice related to potential withholding rules etc. What is the best way to get this CA-LP off the FTB records without paying any fees?

       

       

    • #323801
      Lynn Freer
      Participant

      You have a serious problem as there is no provision to walk away from the LP as the GP has no liability protection. You can either wait to see if the FTB comes after the LP or file returns now and possibly try to use an OIC. If GP has no assets, the GP could walk away.

    • #323923
      Anonymous

      The general partner is a corporation my client does not own or is involved with. The client is a limited partner. Corporation is likely defunct and we do not know the address. My client is just getting notices. What should I do so my client won’t be getting notices?

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