Hi,
I am the owner of a FL commercial space. My previous tenant ran a bar in my space. She died and left a damaged building in her wake. We found her corporation has been inactive for the past 10 yrs. The corporation has a liquor license as an asset. I was told I can take over an inactive corporation and secure it’s assets? Is this true? Is it legal to just take over an inactive corporation?
Hi,
You can not take over someone else's corporation without certain specific things taking place!
A corporation can not be taken over without at least 50.001 percent of stock or unit holders (A Chorum) agreeing and being willing to call a board meeting and vote to sell outstanding shares or units so the entity can be taken over. Someone deceased is subject to the operating agreement or articles / by laws.
If nothing is written about deaths; a dead stock holder still keeps their shares / units and receives distributions or dividends from profits. The dead persons heirs would receive her stock / unit ownership and profits.
A liquor license is not in perpetuity, it requires certain legal requirements, filings and payments be made yearly! Once a liquor license expires and exceeds the ability to renew it, it is gone. You probable want to call and talk about liquor licenses with your states Alcohol Beverage Control (ABC) board.
The problem with unknown old corporations is outstanding debt obligations, credit standing and liabilities.
GR