FTB will start taking old corporations or LLCs off the books - Spidell

FTB will start taking old corporations or LLCs off the books


Beginning on January 1, 2020, the FTB will initiate the Administrative Dissolution/Cancelation of qualified entities that have been suspended by the FTB for 60 or more consecutive months. If a qualified entity is still engaging in a business activity or has assets in the business name and receives the Intent Notice, the qualified entity has 60 days to provide the FTB with a written objection to the pending Administrative Dissolution/Cancelation. If your client wants to be done with the entity, this will be a great way for people who formed but never did business — or went out of business years ago — to get the corporation or LLC wiped off the books.