S
sandiego
Guest
I started my own corporation in California three years ago and since then I haven't done any business transaction. I paid the franchise tax last year but haven't done taxes. We are still in the discussion phase with my potential co-founders whether to start our idea but I am not sure what to do in terms of taxes until we decide to do so. What happens when a corporation is not operational and does not pay its taxes? Do I need to pay any taxes/penalties if I decide to terminate the corporation? Well, I should have waited until we decided to operate for sure but we needed the corporation to do a deal with a potential customer at that time, which did not work out.