Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 8 days ago on . Most recent reply

User Stats

18
Posts
3
Votes
David Kim
  • Seattle, WA
3
Votes |
18
Posts

After selling, how long to wait before dissolving the LLC?

David Kim
  • Seattle, WA
Posted

I owned a commercial building under an LLC. I recently sold the property!

So now I have an LLC without any assets, from which I've grabbed the proceeds.

I'll keep it active at least until tax filing is complete for this year, to capture this activity.

The question is: Is it recommended to keep it active longer (e.g. in case any unforeseen lawsuit crops up, it'd be good to let the corporate veil be there and protect my personal assets)? Or, would you normally just get the LLC dissolved and not bother renewing the license, etc.?

Keeping it active for maybe 3 years seems wise, though the overhead of it being there (mainly the cost of tax prep for a "no-op" business entity) might be a little high, and I don't like the idea of burning all that cash for nothing.

What do you typically do with a leftover "123 street address, LLC" type entity after the property is sold, and what is your rationale for it?

Thanks!

Loading replies...