Hi, I invested and became a partner in a venture that was supposed to acquire and develop some land. After many years, nothing has happened, and lots of promises that were made didn't pan out. The CEO/person who setup this venture is not answering questions or giving any information. So I started digging around and noticed a few things.
1) According to the Secretary of State website, the partnership was administratively dissolved many years ago. None of the partners were never notified of this. We are still getting Schedule K-1s from the CEO for tax filing with the name of the partnership many years later even though it has been administratively dissolved for a long time.
What does this mean for my investment stake? What are the implications of this?
2) According to county property tax records, the land that the contract states would be acquired in the partnership's name was never acquired by the partnership (even before it became dissolved). However, the K-1 still deducts property tax from us in the name of the partnership (which has never owned the land and is also administratively dissolved).
What are the implications of this?
Thanks for helping me gain a better understanding.