Results 1 to 5 of 5
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10-21-2019, 12:49 PM #1Member
Reputation points: 31
- Join Date
- Apr 2017
- Location
- Orange County, CA
- Posts
- 90
Bad SOS
Have a merchant that owes state taxes and thus cannot update their SOS for the time being. Any lenders willing to work with such a high risk file?
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10-21-2019, 12:55 PM #2Senior Member
Reputation points: 19288
- Join Date
- Feb 2016
- Posts
- 242
That means he legally isnt able to operate as a business.
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10-21-2019, 01:09 PM #3Banned
Reputation points: 179851
- Join Date
- Jun 2017
- Posts
- 2,049
You can get it done.
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10-21-2019, 02:29 PM #4Banned
Reputation points: 7556
- Join Date
- Oct 2016
- Location
- Florida
- Posts
- 189
Dont think thats correct and we dont even know what type of business or whether or not a business license is required. He can operate without updating his SOS but may have higher risks of liability if he is essentially operating as a sole prop
Originally Posted by FCG
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10-21-2019, 04:14 PM #5Senior Member
Reputation points: 19288
- Join Date
- Feb 2016
- Posts
- 242
he can operate, yes. If his bank finds out they can close his account because legally you need to be registered with your state to do business. The state can dissolve his business if it stays inactive for a prolonged period. Obviously, if you're a sole prop this does not apply to you.
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