Me and my friend incorporated (LLC) our investment business in 2010 in the state of Maryland. We have an EIN and an account ($20k) in Fidelity to make the investment.
However we were very inactive and only invested in 3-4 stocks, with a total loss of around $1500.
Now we came to know about annual personal property report (PPR) filing with our state, which costs $300. We used to pay Incorporate.com a fee of over $200 to be our registered agent until last year.
We haven't yet file any tax return, since we thought we didn't owe one (no profit).
With all the costs mounting, we have decided to dissolve the LLC. We want to know what steps are involved. Also, do we still need to file the PPR for this year? What about tax returns? Any other forms to file before we can dissolve the llc?
1 Answer from Attorneys
I suggest you engage the services of an experienced tax and business attorney to handle the filing of all applicable tax returns and the proper winding up of the business under Federal and MD law in order to protect the interests of the parties involved.Engaging an experienced attorney at the front-end when the business entity was being formed would have been very useful for all of the parties involved.
Bob Beatson, 7-31-2012, 8:10 p.m. EST
Law Offices of Robert Beatson II
9818 Glynshire Way
Potomac, MD 20854
Practice areas: Tax, business law, computer/high tech/biotech law, intellectual property, trusts/estates/wills, real estate, civil litigation, mediation.
Licensed to practice law in: DC, MD, VA, and NY
ABA Member since 1980
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