We are an LLC. We owe $18,000 on the business and have two more years remaining on our space lease. Other than selling the business outright, what can we do to close the business and dissolve the LLC?
Answer
Assuming the LLC is otherwise in good standing, it can be properly dissolved. Is it safe to assume that the members are on the hook for the debt and commercial lease? If so, then this can be worked out between those members personally liable and the creditors. If however this is merely an LLC debt, the entity will likely have to file bankruptcy.
I would suggest consulting counsel so that your options are clear. If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.
Our firm is now referred by the American Bar Association (see under the New York section):
http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html
Kind regards,
Frank
www.LanternLegal.com
866-871-8655
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DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.
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