Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law

I want to dissolve my Nevada LLC. But I still have payments

Customer Question
Hi - I want to...
Hi - I want to dissolve my Nevada LLC. But I still have payments to make to a few contractors that I'll be paying out through year end. Do I need to keep my LLC active through year end to make those payments, or can I shut down the LLC now and still pay out those individuals later?Is there any benefit to closing the LLC sooner or does it not really matter one way or the other?Thanks.
Submitted: 1 year ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 3 minutes by:
9/17/2016
Business Lawyer: CalAttorney2, Attorney replied 1 year ago
CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10,244
Experience: I am a businesses law attorney, with experience advising and representing owners and investors.
Verified

Hello, My name is ***** ***** I will assist you today. Please give me a few minutes to write a response and identify any additional resources for you.

Ask Your Own Business Law Question
Business Lawyer: CalAttorney2, Attorney replied 1 year ago

If you reach an agreement with your creditors (the contractors you still have obligations to) so that you agree to be personally liable for the remaining debts (you already plan to pay them out), there will likely be no problem - this only requires that you enter into an agreement with them so that they can pursue you for the obligation if they are not paid as opposed to an LLC that is no longer active/solvent. (Failing this, in winding down your LLC, they would each have claims against the LLC and would be able to assert those against assets of the LLC - which would slow or stop the process).

Regarding benefits of leaving the LLC open through the end of the year or closing it now - there really isn't much of an advantage/disadvantage to this at this time (if you are going to close it at the end of the year this is going to keep you within the same tax year so there is not going to be any spillover into next year anyway, your tax filings will remain the same, and there will not be any additional filing obligation).
However, if you do close the LLC and make the payments on the obligation yourself, this can potentially create some additional accounting complications as you are paying out the expenses of your LLC individually as opposed to on your business' behalf - depending on how your LLC's taxes are panning out this year, this may have an impact on your after tax returns (your tax accountant or tax attorney is the one that is going to help you make this determination).

Ask Your Own Business Law Question
Customer reply replied 1 year ago
Thanks. I know there is a business license tax each year on the anniversary of the formation of the LLC. I formed the LLC at the end of the year. Is there any way to avoid paying that if I close it out sooner?I also saw this on employee taxes: http://www.bizfilings.com/toolkit/sbg/tax-info/state-taxes/business-income/nevada-taxes-on-business-income.aspx We have one employee. Could we avoid those by closing earlier?Thanks,Katie
Business Lawyer: CalAttorney2, Attorney replied 1 year ago

If you dissolve prior to your LLC's anniversary date, that would allow you to avoid that particular tax.

If you are no longer employing that employee (you can begin closing your LLC including terminating employees) prior to the formal dissolution.

(I do recommend working with a good business tax advisor to help you with this dissolution plan (they can help you do this as strategically as possible - this can be a tax attorney, or a CPA that has experience with businesses/corporations - but your end goal is going to be maximizing your "after tax return" meaning helping you get the most money in your pocket after you close the business - and they can help you do this by looking into your specific business' portfolio and finances.).

Ask Your Own Business Law Question
Ask CalAttorney2 Your Own Question
CalAttorney2
CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10,244
10,244 Satisfied Customers
Experience: I am a businesses law attorney, with experience advising and representing owners and investors.

CalAttorney2 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I am filing a new business LLC in Texas. I just did an
I am filing a new business LLC in Texas. I just did an assumed name search through the Texas Secretary of State website and it has not been taken. What steps do I need to create this entity?… read more
Richard
Richard
Owner
Doctoral Degree
4,361 satisfied customers
My business is registered in Delaware as an LLC with a
Hi Pearl, my business is registered in Delaware as an LLC with a partner. My partner is no longer with the company. I would like to move the business to PA where I live. I am also changing the name of… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
987 satisfied customers
I have a Tennessee corporation LLC that is being sued in
I have a Tennessee corporation LLC that is being sued in Colorado. If they want to pierce the veil of the LLC do they have to pursue that in Tennessee or can they do that in Colorado? … read more
Ray
Ray
Lawyer
Doctoral Degree
30,854 satisfied customers
Wanting to expand my business from one corporation to 2 or 3
wanting to expand my business from one corporation to 2 or 3 for further protection for each individual business. looking for someone to help … read more
Ely
Ely
Attorney
Juris Doctor
577 satisfied customers
I have a client who has an LLC, an electrical business, he
I have a client who has an LLC, an electrical business, he wants to start another business. His question is this: can he keep it under the original LLC, and use another name also?… read more
Richard
Richard
Owner
Doctoral Degree
4,361 satisfied customers
My wife started the business as an LLC and last year changed
My wife started the business as an LLC and last year changed it to a Scorp. I run the business for her (non paid) and have set up a bank account and checks in the new Scorp. 1. Do I need to phase out … read more
Lucy
Lucy
Juris Doctor
129 satisfied customers
Is there a rule which requires that a corporation (or LLC)
Is there a rule which requires that a corporation (or LLC) must have a lawyer in a civil case?… read more
Damien Bosco
Damien Bosco
3,386 satisfied customers
The 60% business owner to an LLC with no articles of
the 60% business owner to an LLC with no articles of organization, has done things that makes all of us want to separate. however the 40% owners hold all MHIC licenses. Can the 60% just move the compa… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I have a LLC business in the state of Texas. It is currently
I have a LLC business in the state of Texas. It is currently a sole proprioter. If I want to add 2 partners do I need to change it to a corporation? Or can I leave as is and just generate an agreement… read more
Ray
Ray
Lawyer
Doctoral Degree
30,854 satisfied customers
What's the "Best" way to set up my LLC business with this
What's the "Best" way to set up my LLC business with this scenario and pay myself along with one other employee/partner? -- Currently a sole proprietor with two businesses in very closely related fiel… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,698 satisfied customers
I'd like to look into opening an business account for an LLC
Second opinion] I'd like to look into opening an business account for an LLC with a member that's currently incarcerated... and a personal account for the person that's incarcerated. My guess is a tru… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,698 satisfied customers
I have an existing TX LLC, doing business in CA. This LLC
Hello. I have an existing TX LLC, doing business in CA. This LLC will generate income from all over the world. I am going to register the TX LLC as a foreign LLC doing business in CA. At the same time… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
987 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,698 satisfied customers
I need to convert my LLC to a domestick stock corporation or
Hello, I need to convert my LLC to a domestick stock corporation or domestic stock and agricultural cooperative corporation. I need help with the purpose statement. Also, what is the difference betwee… read more
Damien Bosco
Damien Bosco
3,386 satisfied customers
My S corporation is a member of an LLC which has other
My S corporation is a member of an LLC which has other members in it as well. Can my S corporation be the listed manager of the LLC in Illinois? All the members agree to having the S Corporation as th… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
We have bussiness corporate company, not LLC. Can child
We have bussiness corporate company, not LLC. Can child support take money from bussiness account which havw my partners name on as well? … read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
I'm running my business as an llc registered in California.
I'm running my business as an llc registered in California. Looking to become incorporated in Delaware and dont want to change business names. I also want to have a fresh start on my accounting. Is th… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
987 satisfied customers
LLC taxed as an SCorp. Question, Corporate Binder (Charter)
LLC taxed as an SCorp. Question, Corporate Binder (Charter) should it contain LLC documents or S-Corp Documents? For example, LLC Kits contains Operating Agreement, Membership Certificates....Where as… read more
Richard
Richard
Owner
Doctoral Degree
4,361 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x