What are the procedures for purchasing a company that has a status of “inactive” with the Secretary of State?

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What are the procedures for purchasing a company that has a status of “inactive” with the Secretary of State?

Asked on October 19, 2011 under Business Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have discovered that a company is inactice with your state's secretary of state's online website or through an in person search, the entity is either a corporation or a limited liability company. If the entity is inactive, the designation means that it is either a suspended entity or has been dissolved.

If you want to purchase the name or assets of the entity, you should first contact the agent who is designated for service of it to see what the status is of the entity and to discuss a purchase. Most likely if the entity is dissolved there are no assets available for purchase.

If you want to purchase the name of the entity, potentially you might not need to. If the entity is inactive and has been dissolved, you might try and submit an application with your state's secretary of state's office to incorporate the name as your own or register the name as a limited liability company. 


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