What is form 3557 BC?

What form to file. Your business must be in good standing with the Secretary of State (SOS) to revive your business entity. To revive your business, you must file one of the following forms: Application for Certificate of Revivor – Corporation (FTB 3557 BC)

What does FTB forfeited mean?

FTB Suspended or FTB Forfeited: The business entity was suspended or forfeited by the Franchise Tax Board for failure to meet tax requirements (e.g., failure to file a return, pay taxes, penalties, interest).

How do I reinstate my suspended corporation in California?

A corporation suspended by the FTB can be revived by filing an Application for Revivor on FTB Form 3557. To begin one calls the FTB Revivor Unit at 888-635-0494 to determine exactly what the FTB believes is required to revive the corporation.

How long does it take to reinstate a corporation in California?

If you attempt to do this via mail, it will take the California Secretary of State about 3 months to process your paperwork. If time is of the essence, we can help you revive a suspended California corporation on an expedited basis typically within 3 business days.

Can you walk away from a suspended LLC in California?

WALKING AWAY FROM YOUR CALIFORNIA CORPORATION They simply walk away. These shareholders will subsequently receive a bill from the Franchise Tax Board (FTB) for the minimum tax, plus penalties and interest. If certain conditions are met, the FTB may NOT hold you personally liable for any taxes due.

How long does it take to revive a corporation?

How long does it take the state to process the filing? Normal processing can take the SOS at least eight weeks. Current processing times are listed on the SOS website (see link below). You can have processing completed the same day or within 24 hours if you pay the additional fee.

What happens if your LLC is suspended?

A California LLC loses all of its legal rights when it is suspended. Theoretically, this means that your company must shut down completely and cease all business activity. Whenever this happens, your suspended California LLC must be revived before it can lawfully do business again.

What does it mean when a company is FTB suspended?

If a legal entity has been “FTB Suspended” it was suspended by the California Franchise Tax Board most likely because the company did not pay its annual franchise tax.

What happens if your corporation is suspended?

When a corporation is suspended, it has lost all rights and privileges as a corporation and cannot legally operate. In that regard, technically a suspended corporation is required to close its business and stop all business-related activities. Moreover, a suspended corporation cannot sue or defend any action in court.

Why is FTB suspended?

Can a dissolved corporation be revived?

An Expired Corporation shall file a Verified Petition (for the revival of corporate existence) after having secured at least a majority vote of the its board of directors or trustees and its outstanding capital stock or members, and which Verified Petition must contain the allegations required under Section 6(a) and …

What does it mean when a business is FTB suspended?