Forming Big Little Farms, Inc. and Dealing with Tax Issues: A Guide

What happened to Big Little Farms, Inc. (BLF) after Dale Ross failed to pay its taxes?

What actions did the state take regarding BLF's corporate status?

After Dale Ross failed to pay BLF's taxes, the state cancelled its corporate status. What does this mean for the company?

Dale Ross formed Big Little Farms, Inc. (BLF), in Trumbull County, Ohio, to breed and train racehorses. However, Dale failed to pay BLF's taxes, resulting in the state cancelling its corporate status. Despite this, Dale continued operating the business.

When a company fails to pay its taxes, the government can take actions to enforce compliance. In this case, the state cancelled BLF's corporate status, which means that the company no longer exists as a legal entity. This cancellation typically results in the loss of certain privileges and protections that corporations enjoy, such as limited liability for the owners.

Even though BLF's corporate status was cancelled, Dale Ross continued operating the business. It's important to note that operating a business without the proper legal status can have serious consequences, both legally and financially.

To rectify this situation, Dale should address the tax issue and pay the outstanding taxes to reinstate BLF's corporate status. This may involve contacting the appropriate government agency, submitting the necessary forms and payments, and potentially facing penalties or interest for the late payment.

In summary, Dale formed Big Little Farms, Inc. (BLF) to breed and train racehorses. However, due to Dale's failure to pay taxes, the state cancelled BLF's corporate status. Despite this, Dale continued operating the business. To resolve this issue, Dale should address the tax problem and fulfill any obligations required to reinstate BLF's corporate status.