Akron, OH asked in Real Estate Law for Ohio

Q: What happens when a cancelled corporation owns real estate ? Corp was cancelled by the state in 2011. Buyer waiting.

My Mother's house is owned by myself and 3 siblings - each at 25%. My 25% was transferred to my corporation back in 2008. The State cancelled the corp in 2011. Mother now deceased and an offer to buy is pending. Do I try to reinstate the corp or can I start a new one with same name ? Cancellation was due to non filling of Franchise forms and non payment of franchise taxes and fees levied after the corp stopped any and all operations in August of 2008

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2 Lawyer Answers
Joseph Jaap
Joseph Jaap
Answered
  • Cincinnati, OH
  • Licensed in Ohio

A: Check with the buyer's attorney or title company to determine what they require to confirm that good title will be conveyed. They might require you to reinstate the corporation, or buyer could allow you to note in the deed that you are winding up the affairs of the corporation. Use the Find a Lawyer tab to retain a local business or tax attorney to advise you.

Bruce Martin Broyles
Bruce Martin Broyles
Answered
  • Lancaster, OH
  • Licensed in Ohio

A: The easier course of action would be to simply reinstate the corporation. If it is an Ohio corporation simply visit the Ohio Secretary of State website and find the form to reinstate. They website changes so often no one will be able to guide you directly to the forms, but you should be able to find it.

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