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Suspension/forfeiture of Limited Liability Companies (LLC)

FTB Archive Disclaimer:  Archived content is not current and may contain broken links. It remains online for historical reference or research. The search function above allows you to search archived and current content separately. If you need archived content in a different format, contact us.

PURPOSE OF BULLETIN

To tell staff that the Franchise Tax Board (FTB) and the Secretary of State (SOS) are implementing the Suspension/Forfeiture of Limited Liability Companies (LLCs) process.

BACKGROUND

Since the creation of LLCs in California, neither FTB nor SOS has implemented the suspension/forfeiture process.

EFFECTIVE DATES

We will begin sending out pre-suspension notices in the fall of 2008.

SUSPENSION/FORFEITURE PROCESS

The suspension/forfeiture process for LLCs will be very similar to the suspension/forfeiture process for corporations.

LLCs will be suspended or forfeited for failure to file or failure to pay.

They will be subject to the normal penalties including contract voidability. However, they will not be subject to the Suspended/Forfeiture; Failure to File Penalty ($2,000 Penalty).

REVIVOR PROCESS

The LLC revivor process will be similar to the corporation revivor process. They will be required to file all returns, pay all balances due, and file a request for revivor.

PROCEDURES

Unit procedures are being created and will be available before the suspension/forfeiture process begins.

 

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