Dissolution of a Business
While dissolving a business can be hard emotionally, there are a few easy steps to complete the dissolution.
Dissolving a Business?
If you have a corporation, LLC, or LP which is no longer operating for any reason, it is important to dissolve it with the state it was filed in. You must let the state know that it is no longer doing business so the parties involved with the business are not held responsible for any annual fees, taxes, fines, penalties, or other assessments. If your business is still operational, but not in the same state where it was originally filed, you can convert the entity instead, which will allow you to maintain the same employer identification number (EIN) and business history. The details of the business must be wrapped up by filing the appropriate paperwork with the state and IRS.
Dissolution of a business usually involves:
- Filing a document with the state your business is filed in
- Paying the state fee associated with that filing
- Notifying the IRS
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We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.
A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself”.
Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.
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