Forums: Discussions for entrepreneurs and small business.

Back during the start of 2008 I opened an LLC. I didn't realize until this week that I was supposed to be paying $800 yearly. I've been searching the net like crazy trying to find answers. I keep reading online that if I don't plan to revive it I can leave it be and forget it. However, I'm worried about that... What kind of statutes of limitation do they have? Can they come after me in 30 years saying I owe $50k? For some reason the LLC is still in the active state and I really don't know what to do. When it does become suspended, will it still accumulate taxes and penalties? I only actually ran the business for a year. I filed a return in California and I've filed Idaho returns ever since. (All negative income) I appreciate any advice you can offer. Thanks for the help!

-------------------------

Get this taken care of ASAP. I'd call their office.  Here is what the California Franchise Tax Board says in regards to "Can I be held personally responsible for my business' tax debt?"

Yes, you may be held personally responsible for your business' tax debt. For instance, sometimes business officers receive excessive funds or other assets from a business, preventing it from paying its tax debts. When this occurs, the officers may become personally liable for the tax debt.

It is important that you pay your business' tax debts. If you are unsure if your business has a tax debt, please call us so we can help you resolve any tax issues.

 

http://www.ftb.ca.gov/businesses/personal_responsiblity.shtml