This pamphlet provides an overview on the dissolution of a limited liability company (LLC). Topics included cover the reasons for dissolution, different types of dissolution, and steps needed to dissolve an LLC.
West Virginia USLegal Pamphlet on Dissolving an LLC
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FAQ
A dissolved entity can convey any real property held by the entity to its shareholders or members. Proceeds from the sale will be distributed to each member in their share of ownership once the real property closes.
In regard to assets of a dissolved LLC, they may be distributed to LLC members in any manner that the members agree on and see fit, or alternatively, by the method that is provided in the terms of the LLC's original operating agreement.
How long does it take the state to process the filing? Regular processing is 1 2 weeks.
In order for the Office of the Secretary of State to issue a Certificate of Dissolution for a profit corporation that never commenced business, the corporation must submit an original application for Dissolution of a WV Corporation Never Commencing Business.
To dissolve an LLC in West Virginia, simply follow these three steps: Follow the Operating Agreement....Step 1: Follow Your West Virginia LLC Operating Agreement.Step 2: Close Your Business Tax Accounts.Step 3: File Articles of Dissolution.
File a dissolution, termination, withdrawal, or cancellation online quickly and conveniently through the One Stop Business Portal. The Secretary of State's Office also provides forms that meet minimum state law requirements available online through the Secretary of State Form Search.
LLCs Filed with Dissolution Date When the date comes, you also specify that all LLC profits and LLC assets will be equitably distributed to members or owners at this date. The LLC will dissolve and no longer exist.
Law ? 203(d), 202. Since an LLC is a legal person, the property it owns is the property of the LLC, not of the members.
Information About LLCs Protecting Personal Assets When you run an LLC, if someone has a judgment placed against your business, the only assets they can go after are the funds in the business bank account or the business property. Personal bank accounts or property are not part of any legal issues regarding the LLC.
Dissolution generally occurs when the business purpose of the LLC is completed or ceases to be economically viable. The members may also agree to dissolve the LLC if they are at an impasse regarding fundamental decisions concerning the LLC's business operations.
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