Quoted from iceman44:Just means Zidware Inc is no longer licensed to conduct business in the State of Illinois
Lets go back to what you originally said...
Quoted from iceman44:Just means Zidware Inc is no longer licensed to conduct business in the State of Illinois
One - 'licensed to conduct business' - a statement that is completely off-center of the far more significant topic of the corporation being a legal entity that holds liabilities and assets.
Two - claims the result is a revokation of a license to operate - which is not a requirement to have a corporation... nor is a corporation a requirement to be licensed. In other words... completely irrelevant to the actual topic of the corporation's status (which is what changed here..). The corporation does not need a business license to operate.. it can be dormant.
Now you tweak it to say
Actually it does... significantly. The dissolution means the very **existence** of the legal entity, not just their operating status, has changed (impacting the ongoing legal case). It means the company would have been expected to settle all outstanding obligations before winding up.. that unpaid vendors, etc would have been expected to be notified of this change.. that basically the entire company was expected to settle up in order to wind up its financials. But the entity is named in ongoing litigation as well.
What is not clear is if Illinois requires that before considering a corp fully dissolved. It doesn't appear so. But since you are a cpa and a lawyer, why not stick your minons on that to understand what the business incorporation laws are in Illinois to know what the notification requirements are, and requirements about liabilities before wrapping up the legal entity?
The point about the corporation has little to do with 'conducting business' and everything about the very ENTITY people have their liability with disappearing. By default, JPOP != zidware. So if zidware goes to zero.. and disappears off the books as a legal entity... there is nothing there with all the buyers have an obligation from. **POOF** Now everyone needs to work backwards to chase a legal entity that could be non-existent... and do things like pursue angles like JPOP piercing the corporate veil so he becomes the legal entity of pursuit.
When the very person that owes you money ceases to even EXIST... yes, that is far different from 'being licensed to conduct business'
There is no way possible I'm having to have this discussion with someone who is a cpa.