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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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LLC went out of business. Property seized by bank payment.

Customer Question

LLC went out of business. Property seized by bank for non payment.
Are the officer's of the LLC liable for the property taxes???
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Depending on circumstances...

Generally - members and officers are NOT personally liable.
However - when distributions were taken out of the LLC while the tax liability existed - officers might be held liable.

If there were no distributions - no personal liability.