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We have a California S Corp with the owning entities being three other corporations. One of these owning corporations, however, has had their corporate status suspended for failure to pay their taxes and fees.How does this impact their ownership in the S Corp they share ownership of?
If the corporations have been suspended they will still hold and own the assets that they had before the suspension but cannot conduct business, enter into contracts, or sue or defend itself in court. The businesses must be reinstated in order for them to operate.
Experience: Small Business and Start-Up Attorney.