Dissolved corporation owns real estate.
We own a building under corporation A. We own the parking lot used by this building under corporation B. Both are C-corporations and all taxes are up to date for both properties.
However, corporation B which owns the parking lot has been "involuntarily dissolved" since 98'. This is because we stopped filing tax returns or really maintaining that corporation since it was just a way to not have the property publicly in any one person's name. It should also be noted that corporation B has never had any income whatsoever and is owned 100% by one person.
What would be the best route to get things back on the straight and narrow?
Reinstate the corporation? Transfer the land to a new corporation owned by the same individual (not sure if this is possible since its dissolution, even if owned 100% by one person)?
I understand I'll need a lawyer for this in the end, but would like to do some preliminary research.
Answer
My office would be more than happy to assist you. You will likely need to file all past-year dues, plus a fee for reinstatement of the corporation. The corporation will need to be revived in order for it to deal with the real estate, including to sell, refinance, evict, etc. My guess is that the defunct corporation may not be able to sell until it is revived.
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