My California corporation has been suspended. Something about two years of tax returns due. Fine, I’ll get to it when I have money, when I sell my current flip. But I’m set to close on another property (short sale) next Wednesday. The title company has not mentioned anything to me about it. They simply wanted me to bring in a corporate resolution for the purchase. Do you think this issue will come up? I wonder if they even check on those things.
I could at the last minute switch my corp’s name for my name as the buyer. But then the bank might make a fuss about this.
Of course I should have addressed this before, but here we are now.
When we receive a note for servicing or business practice is to run the corporation or LLC through the Secretary of State site to determine if the entity is currently in good standing. I will be surprised if the title company does not do the same thing sometime during the process.
I went in to sign today and glanced over at the title officer’s to-do list. Didn’t have “check entity status” on it. Oh boy…we’ll see if it comes up next week.