Mark Kohler explains why you can't just ignore a defunct LLC. California charges $800 yearly per entity, so an abandoned LLC can rack up thousands in back fees and taxes. You need to formally dissolve it or keep paying.
Ignoring that old LLC doesn't mean it's going to go away. You have to effectively close it. Cleaning up entities, making sure they're properly registered every year, and dissolving entities that needed to be dissolved. One of the states where this is terrible is California. That $800 annual fee for an LLC, well, if you don't dissolve that LLC, that $800 every year racks up, and obviously that can add up into the thousands. Now you have back taxes and compliance issues for an entity you thought was dead.
The secret to managing your family's future #financialfreedom #estateplanning #shorts
Moving Property to an LLC: What They Don't Tell You #realestate #investing #tips
