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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37479
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I opened up an LLC 2 years ago. I created a dba (a banquet

Resolved Question:

I opened up an LLC 2 years ago. I created a dba (a banquet business) under the LLC. I am now selling the dba for nothing but the new owners to take over the dba and all its current upcoming events. We will be closing all accounts under the dba and the new owners will be opening up all new accounts and have already obtained a new TIN. How do I go about doing this transaction?
Submitted: 2 years ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your question.

I am sorry, I am a bit unclear, will they be also taking over the LLC or no?
Customer: replied 2 years ago.
No, I am holding on to the LLC as it is an investment company and I owe taxes on it. I want to close out all bank accounts and taxes...then close it.
Expert:  Dimitry K., Esq. replied 2 years ago.
Oh I see. Thank you for the explanation.

In other words you are essentially selling off or giving away the "good will" under the LLC, namely the DBA, to the new parties, correct?
Customer: replied 2 years ago.

Yes but keeping the LLC

Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your follow-up.

Individuals or entities doing business for profit under a name different from the owner's or the LLC name must file a Fictitious Name Statement with the registrar-recorder/county clerk office in the county where the business resides. In your case you would need to file an amendment (naming the new parties as the owners), or a withdrawal, which would allow the new owners to file their own assumption of the name. Once you file the DBA amendment, and the DBA is no longer affiliated with the LLC, contact all entities that maintain the LLC records and terminate those accounts.

 

Good luck.

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37479
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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