Sold Business/Closing LLC
I owned a bed and breakfast and sold the property and the contents. I would like to dissolve the LLC, but some say to leave it open for a period of time for liability purposes. Is that true, and if so for how long? Thanks.
1 Answer from Attorneys
Re: Sold Business/Closing LLC
You should consider and carefully plan to have contingencies against liabilities. Since you have sold the property and assets of the LLC, you should have already considered any activity which could result or may gave potential liability against the LLC. All, in all, the bottom line is that once the LLC is dissolved or has no assets, especially since they were distributed or transferred under the guidance of the director who is also an owner, all liability may rest upon the directors (managers) of the LLC.
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