If my single member LLC has stopped operating, do I lose my protection from creditors if I dissolve?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my single member LLC has stopped operating, do I lose my protection from creditors if I dissolve?
The bills, both taxes and business-related expenses, are coming in. I don’t have money to cover them all. I understand that my LLC protects me to a degree. I need to understand my protection and what implications are there if I dissolve.
Asked on June 13, 2014 under Business Law, Missouri
Answers:
Maury Beaulier / MinnesotaLawyers.com
Answered 10 years ago | Contributor
Your LLC only offers limited liability with regard to debts entered into in the business name that were not personally guaranteed. Taxes must always be paid and your LLC offers little protection.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.