what to do to dissolve your llc

So its over…..

What to do to Dissolve your LLC

David C. Tingstad of Beresford Booth PLLC in Edmonds, Washington

Ashley Wicks of Jones Walker in Jackson, Mississippi

So its over…...What to do to Dissolve your LLC

LLC

Member

Member

Money

Service

BERESFORD♦BOOTH PLLCLAWYERS

Administrative

Deadlock

Involuntary

Terms of LLC Agreement


TRIGGERING EVENTS FOR DISSOLUTION

Death of Member

Bankruptcy of Member


Deadlock



LLC

Member Member




Involuntary

Death of Member

Bankruptcy of Member

Member Member

LLC



Terms of LLC Agreement

LLC

Member Member




Administrative

LLC

Member Member



WINDING UP

What?


Dissolution does not terminate the existence of an LLC. Rather, the LLC’s status is converted from that of “a

going concern” to one that is “winding up” its affairs and ceasing its operations.


WINDING UP

Who?

The LLC’s manager, member and/or creditor/assignee typically completes the winding up process.


WINDING UP

How?

The primary function of winding up is to make reasonable provision for the LLC’s liabilities and to

distribute to the members any remaining assets of the LLC.


WINDING UP

When?

Winding up is completed when all debts, liabilities, and obligations of the LLC have been paid, or a reasonable adequate provision is made for them, and all remaining

property has been distributed to the LLC members.

So its over…..

What to do to Dissolve your LLC


what to do to dissolve your llc

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