All Forum Posts by: Amanda M.
Amanda M. has started 1 posts and replied 2 times.
Post: Closing my LLC Account
- North Aurora, IL
- Posts 2
- Votes 1
Sorry didn't mean to confuse anyone or start anything. So a little more detail the LLC is a multiple person partnership (2 married couples are in the LLC). I also live in Illinois. So basically what happened is we purchased this condo with the expectation of keeping it as a long term rental, but long story short we had some HOA issues where we could only rent out to immediate family member (rookie mistake there). Luckily for us the market was hot and we decided to sell and made a profit instead, so this is where I was wondering how do we take care of the LLC? We are currently under contract with another property and close on Dec 3rd. So I guess what are my best options for the current LLC I have?
On the current purchase we are doing the BRRR and will eventually put this in an LLC as well.
Thanks for all the responses
Post: Closing my LLC Account
- North Aurora, IL
- Posts 2
- Votes 1
Hi Everyone, we recently just purchased our first rental property and we put it in an LLC Account. We ended up selling the property for a profit instead of keeping it for a rental property. My question is can I go ahead and pull the money out of my LLC Account and close it? Or is there something that I need to do with LLC Account first or pay taxes first? Thoughts or anything I should be considering?