Good afternoon. Nothing really happens...eventually if you haven't filed your franchise tax returns, then your Certificate is forfeited. Actually, not filing your formal dissolution can work in your favor...when you dissolve and liquidate, one of the forms that must be signed by all shareholders is a representation that all the liabilities of the corporation have been accounted for....many commentators actually think this opens up shareholders to personal liability for the corporate liability that may arise.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.