QUESTION
How do I dissolve a very small corporation ? No assets, no value . Was formed in the early 90s. Originally 9 members now just 2 .
Asked on Aug 01st, 2011 on Corporate Law - Pennsylvania
More details to this question:
9 cousins formed this corporation . Our grandparents left us a piece of land ( only half of a acre ) . We use it for picnics etc. We formed the corp. to keep it in the family. 2 cousins have passed away, others moved, or just have no interest. Only my brother an I are left !! We have not paid taxes kept records etc. There is no profits just a piece of land .
1 ANSWER
William/J Joanis
If the real estate is in the corporations name, it will need be sold or conveyed to the remaining shareholders as part of a dissolution of the corporation, but you will also want to have someone look at the tax implications.
Answered on Aug 28th, 2011 at 9:58 PM