SOS and FTB Suspended or Forfeited Business Entity
Once a Corporation, an LLC, a Limited Partnership, or other state organized business entity is SUSPENDED or forfeited - by either the Franchise Tax Board (FTB Suspended) or Secretary of State (SOS Suspended)- the protections of the owners from personal liability for business debts are also SUSPENDED. Simply put, the underlying owners, shareholders, or partners of a suspended business entity would be personally liable for all business debts enforced during the suspension period (i.e. legal judgements or law suits).
Additionally, a suspended business entity CANNOT legally transact business, enforce its contracts, enter into new binding contracts, or defend itself in a court of law. A suspended business entity also relinquishes its right to use its legal name. Any one of these sanctions can lead to crippling financial consequences for the suspended business entity. Not surprisingly, the hazards don’t stop there. Since an entity's standing with the secretary of state is public record, clients, competitors, business partners, and creditors can readily access this information, which can be damaging to the business’ image! This often translates into lost opportunities and professional reputation.
ACT NOW to Protect Your Interests: CALL (310) 242-6420
If you have recently been notified or discovered that your business entity is FTB Suspended, SOS Suspended, or BOTH, it is critical that you take action immediately. Harris Tax and Financial Solutions has the experience, knowledge, and expertise to work directly with the Franchise Tax Board, Secretary of State, or both, to restore a suspended business entity back to Good Standing.
With so much at stake, don't delay…...CALL (310) 242-6420 TODAY.