Legal Question in Business Law in New York
Disolve an LLC
My husband has an LLC with an ex-friend... they have a jointly signed loan used for purchase of assets. They both want to disolve the LLC, can that be done before this debt is completely paid? no operating agreement has been made and attorneys will likely end up involved.
2 Answers from Attorneys
Re: Dissolving an LLC
Your husband would likely be well served by bringing in an attorney now to advise on the appropriate actions to take in dissolving the business. Part of the dissolution process would involve using the company's assets to settle outstanding debts. Also, depending on the way the loan agreements were drafted both your husband and his ex-friend may have personal liability for the amount borrowed. My office routinely handles these types of matters. Please feel free to contact my office if we may be of any assistance.
Re: Disolve an LLC
Dissolving an LLC is a relatively simple process, and the dissolution need not await settling of other matters.
If I can be of assistance, feel free to get in touch.
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