• Question:

  •  Terminating of LLC

    How do I terminate an LLC for a company that had no business for 2 years and did not do any of the proper filing for an LLC. No taxes were filed, no meeting minutes or any of the yearly fees were paid on the LLC (does an LLC have to pay yearly fees?) Partner gave up and I continued to try to make it work via a website I had written. I got a business license using that same company name (my first mistake) in my name and social security #. I opened new accounts bank, vendors etc. Everything is in my name I do all of the work. The LLC issue keeps coming up and ex partner say they will shut it down in order to terminate the LLC. Can they do this at this point and how do we rid ourselves of that LLC and can they ask me for money? My name is on it along with 3 other people Does it become in active or non operational if someone just lets it go?

• Answer:

  • If you can have them execute a new operating agreement and relinquish all interest in the llc, you don't have to do anything else. Just continue using the llc as the sole member of it. Also, no minutes or meetings are required for LLCs. If you want to terminate it, you need to have them sign the termination form as well as pay all of the taxes owed to the state and the federal government.

   

   

• Elias Stassinos, Esquire  is a trademark and incorporation attorney that has helped thousands of  small business owners and entrepreneurs launch their first business enterprise.  He's also an entrepreneur who operates several successful businesses not related to his law practice. 

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