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I want to sell property for a dissolved corporation in

Customer Question
I want to sell...

I want to sell property for a dissolved corporation in illinois

Lawyer's Assistant: Have you talked to an IL lawyer about this?

No

Lawyer's Assistant: What steps have you taken so far?

I have buyer agreed with price.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

This business is closed for last 16 years

Submitted: 28 days ago.Category: Legal
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Customer reply replied 28 days ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 28 days ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 6 minutes by:
3/29/2018
Lawyer: Attorney Wendy, Lawyer replied 28 days ago
Attorney Wendy
Category: Legal
Satisfied Customers: 539
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney.

When a business ceases operations and dissolves as a business entity, there are usually state requirements to formally end the existence of that entity (assuming the business operated as a corporation, LLC, partnership or other entity other than a sole proprietorship). Part of that process is what is known as winding up. Winding up involves notice to creditors of the business's plans to stop operations, such that these creditors can then make any claims that they are owed money from the business prior to the business disposing of its assets. In your situation, if I understand it correctly, the business has not operated for the past 16 years. With that amount of time since the business was actually open and functioning, it would be unlikely there are creditors who still believe the business is a going concern. If you are satisfied there are no creditors who are still owed money by the business, a sale of the closed business assets would be appropriate. To effectuate that sale, you will need whatever business approval the business form (corporation - shareholder vote; LLC - member vote; etc.) requires to approve the sale.

I just saw your phone call request come through as I was responding. I am not in a position to conduct a call at this time, but if after our email correspondence you still need to schedule a call, we could do it at a later time.

If you wish to proceed just via email, you can reply to this email with any follow-up questions. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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Customer reply replied 28 days ago
There are no creditors and outstanding debts for this corporation. We have potential buyer for the property. The DEED is in the Corporation's name which is dissolved for a long time. My wife is President for this corporation. Property taxes were paid to-date. Can still my wife can sign this transaction deal? How this can be done?
Customer reply replied 28 days ago
How can I sell this property without reinstatement process?
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Attorney Wendy
Attorney Wendy
Attorney Wendy, Lawyer
Category: Legal
Satisfied Customers: 539
539 Satisfied Customers
Experience: Member at Keefer & Keefer LLC

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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