i started an LLC about 5 years ago here in california. never used it, or made any money. i paid the first 800 in year one. year 2 and 3 i did no business, but did not pay the 800. i filed a final return the end of that 3rd year.. i believe there was an outstanding tax balance of 1600 plus a couple of fees and penalties.. will i be held personally responsible for that tax debt? i recieved a call today after 3 years from the state franchise tax board looking for any members or managers of my former llc.. what is likely to happen next.
1 Answer from Attorneys
In general these are onligations of the LLC. The 800 minimum tax continues until you take the legal steps to dissolve the entity or it is suspended. I understand you filed a "final" return, but did you dissolve the entity wit the Secretary of State?
Until recently the obligation has not been the obligation of the members or manager. There are legislative actions being taken to change this. They are likely to continue to pursue the entity, and if it has any assets they will be entitled to claim them. If not it is likely not your obligation. Watch out for legislative attempts to change this. Keep in mind we do not have enough facts to assure this answer is accurate for your circumstances.This gratuitous response does not create an attorney client relationship. The advice provided herein is generic, may not apply to your circumstances and is not to be relied upon in your actions. An attorney client relationship is created only upon execution of an engagement letter hiring me or my firm.
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