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Do I need to dissolve an llc?
Anonymous7 views3 answers
I have an llc partnership registered since 2013 (scouting for model agencies). I do not have as much time for llc now, it is more like hobby, it brings an income sometimes but not constantly. Can I dissolve an llc but still conclude the agreements with other businesses if needed just from myself, usingy name, not an llc? Is that legal to get a money transfer to personal acct?Thank you
You can dissolve the LLC,. From what you describe, it's unwise. You're suggesting continuing the LLC's business as a sole proprietor. But then, you'll be exposed to the liabilities for which the LLC is there to protect you.
It is legal to transfer money from the account of an LLC which you solely own to your personal account. You reference your LLC is a partnership, so I assume you have a partner who has a say in the LLC. You really should meet with a local business attorney to discuss your options. If you solely own the LLC, it can be taxed as a sole proprietorship, and still remain in place to provide some liability protection.
You can dissolve the LLC if you wish. However, in agreement with my colleagues it may not really be necessary in your circumstances. Is the LLC a NY LLC? If so, you only have to pay $9 every two years to keep it active (it costs several hundred dollars to dissolve). Moreover, if you wish to keep your current contracts in place, you will need to review the "Assignment" provisions of the contract to determine what is necessary to transfer the contracts to you personally (it may be written consent it may be freely - you'll have to look); then you'll have to make sure you properly assign the contracts otherwise, with the LLC dissolved, the counter-party will have no obligation to perform.
