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Ask Michael J, Esq. Your Own Question
Michael J, Esq.
Michael J, Esq., Lawyer
Category: Family Law
Satisfied Customers: 3456
Experience:  Licensed Attorney - represented hundreds of clients in criminal cases, family law disputes, traffic issues, and general legal issues. Youth Court Prosecutor.
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Hello I have a Florida LLC company, which is the owner of

This answer was rated:

Hello:
I have a Florida LLC company, which is the owner of a life insurance policy. There are no other activities by this company. Can I temporarily close the company and reopen it, when the face amount is to be paid.

SoloLawyer :

Hello - Thank you for contacting JustAnswer. My name is Michael; I look forward to helping you with your family law problem today.

SoloLawyer :

Could you explain in a little more detail? What do you mean by "close" if there are no other activities? What do you mean by "when the face amount is to be paid?"

Customer:

Thanks. This company was created for the sole purpose of the ownership of the life insurance to avoid any possible litigation. There are no business transactions other than this ownership. By "when the face amount is to be paid" I meant when the insured dies.

Customer:

I am sorry, I have to step out. Please respond at timre of your convenience

SoloLawyer :

I understand. What I'm asking is, "what do you mean by close when there are no business activities?" What exactly is your question?

Customer:

Can I officially close the business with the department of state and not pay for city and county licence. Will the life insurance be affected, if I close now and reopen, when I would be able to cash the pocicy?

SoloLawyer :

Thank you. As long as the business is in operation at the time the insurance becomes valid, the business can receive the award.

SoloLawyer :

If not, I wish you the best of luck in 2011! Don't forget to press ACCEPT if my Answer was helpful. If you need me to clarify my Answer or ask a follow up question, just ask! My goal is to provide an outstanding Answer, so give me a chance.


 


Regards,


 


Michael

Customer:

Thanks again. Now I am a little confused:) By "valid" you mean "available to cash", right?

SoloLawyer :

Yes, I'm sorry. By "valid" I meant "available to cash". :)

SoloLawyer :

I wish you the best of luck in 2011! Don't forget to press ACCEPT if my Answer was helpful. If you need me to clarify my Answer or ask a follow up question, just ask! My goal is to provide an outstanding Answer, so give me a chance.


 


Regards,


 


Michael


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