Selling a LLC?

[aceduecetrey]

I started a LLC in 2013 and I was the only person on it. I want to just basically give it and the associated bank account to my father. What do I need to do? I want to make sure that I am completely off of it and that there is noway way any ramifications can ever come back on me. My pops is kind of a fuckup.

 

[Willie99]

I started a LLC in 2013 and I was the only person on it. I want to just basically give it and the associated bank account to my father. What do I need to do? I want to make sure that I am completely off of it and that there is noway way any ramifications can ever come back on me. My pops is kind of a fuckup.

in CT, I would record your father as the new member / manager and remove yourself as such with the secretary of state

I would suggest you also have a contract documenting the change of ownership

I would probably prepare a balance sheet at time of transfer showing the business had no net worth, or very little net worth (assuming that's the case) If not, other issues arise

Remove yourself from the checking account too




PS: I'm not an attorney, so take any such advice with caution

 

[aceduecetrey]

Tanks willie!

 

[Knightrofins]

A few questions...

Have you renewed your LLC for 2015?
Are you taxed as a subchapter S corp or are you taxed on your personal as a Sch C?

The best bet is to have your father open up a new LLC or S corp and leave yours open so you can still "play" around

 

[bigbet1234]

Once you have a LLC you need to renew it yearly? I had one for 5 years, never renewed it. Is it still active?

 

[Knightrofins]

I guess it determines what state you formed your LLC (i assume you have to renew in most/all states). You need to renew with your state, not the fed govt.

In the state of Florida, you need to pay around $150 by May 1 to renew. If after May 1, its $550