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Can I start a new LLC while still owning an LLC that would ...

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Can I start a new LLC while still owning an LLC that would be a very similar business? For Example: I have a real estate LLC that failed due to issues with the partners. I want to create a new Real Estate LLC to create the funds to pay off the debt of the first so it can be dissolved. My business partner seems to refuse to work with me on the current LLC and I feel powerless to move on.
Submitted: 6 years ago.
Category: Business Law
Expert:  All Business replied 6 years ago.

thanks for your question.

based upon law, you can open and operate as many LLCs or other business entities as you desire. the only thing that could hold you back could be if your current agreement has a clause which requires your efforts to be on behalf of that LLC and company/enterprise. if it does have such a clause --- and they often do --- you would be responsible for the operation of the current business and may very well be obligated to devote your time towards it.

of course, if the present LLC is not operating and performing no business functions, it may very well be defunct. further, if you can not get any repsonse from your partner, it may also be done and you would be able to move opn and start your own business.

either way, you should definitiely take the necessary steps to either dissolve and unwind the present LLC or resign as a member or have him resign as a member so that that does not hang out there.

 

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All Business, Attorney
Category: Business Law
Satisfied Customers: 847
Experience: 27 years of business experience with accounting and law degrees
All Business and 9 other Business Law Specialists are ready to help you
Customer: replied 6 years ago.
Is it possible to dissolve or resign without her if she refuses to contact me no matter how I try to contact her?
Expert:  All Business replied 6 years ago.
you need to look at the operating agreement to determine the method to use. if she is non-responsive though and the business is not operating, you could probably just start your new entity and operate that.

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