If my single member LLC has stopped operating, do I lose my protection from creditors if I dissolve?
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If my single member LLC has stopped operating, do I lose my protection from creditors if I dissolve?
The bills, both taxes and business-related expenses, are coming in. I don’t have money to cover them all. I understand that my LLC protects me to a degree. I need to understand my protection and what implications are there if I dissolve.
Asked on June 13, 2014 under Business Law, Missouri
Answers:
Maury Beaulier / MinnesotaLawyers.com
Answered 9 years ago | Contributor
Your LLC only offers limited liability with regard to debts entered into in the business name that were not personally guaranteed. Taxes must always be paid and your LLC offers little protection.
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