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BizIPEsq.
BizIPEsq., Attorney
Category: Business Law
Satisfied Customers: 996
Experience:  I am a business attorney. I represent individuals and companies with all business related matters.
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My corporation is an Arizona corporation “C” that deals on

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My corporation is an Arizona corporation “C” that deals on buying and selling rural land lots on ebay for prices for around $1,000 to $3,000 Total price using a warranty o grant deed by mail, newer use a title insurance.
For the last two years we have not sales until last week a land lot sale for around $3,000 We have send this buyer a Grant deed and instructions to record the Deed by mail; but this buyer is asking for the corporation documents, bylaws and the corporation to be in good standing with the Arizona state corporation.
The company has not a statutory agent for the last two years and not pay the fee to the Arizona State for the same time.
I will be closing this corporation in the next 90 days, I will need to sell o transfer to my name the lots are left other than this company has not more assets, filling incometaxes to the IRS and State.
My question is to sell o transfer the assets left , Do I need to reinstate the statutory agent and the state

BizIPEsq. :

Hello, I will be assisting you

BizIPEsq. :

Generally speaking, the sale/transfer will not be invalidated just because you haven't paid the franchise fee or the agent fee. However you will not be able to close the corporation without first satisfying any money owed to the state including money owed from the past two years for the franchise fee and any state taxes that are due. The secretary of state may or may not require you to reinstate the agent of service.

BizIPEsq. :

In conclusion, the validity of the conveyance should not be challenged just because the corporation did not pay its due but since the corporation will be required to pay money owed to the state before shutting it will probably be a good idea ti pay first any fee and taxes owed and then distribute the land yourself as part of the wind up process.

BizIPEsq. :

Thank you for allowing me to assist you

BizIPEsq. :

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