Legal Question in Business Law in Virginia

Re: how to disolve an LLC owned by 2 people, 50% each

The important question is whether one or both of

you want to continue in the business. If so, the

assets can be appraised and one can buy the other

out. The LLC Membership Agreement may have

provisions governing this. If you just want to

close down, file final income and wage tax returns

and sales tax returns (whatever is due), issue

the final K-1 forms, and file Articles of

Dissolution with the Virginia Corporation

Commission (they have a web site but I do not

know how much information is there).

Good luck.

Re: how to disolve an LLC owned by 2 people, 50% each

Proper development and analysis of the facts and circumstances surrounding the LLC activities, including whether one of the members wishes to continue the business, is essential here. There are VA business law and Federal/VA tax law issues that need to be carefully worked through to achieve the proper result. An experienced business/tax attorney should be able to handle this under VA law. Please note that, in accordance with the VA Code of Professional Ethics applicable to attorneys, my legal services are available only with a signed engagement agreement. If I can be of any help to you or people you know, give me a call as I would be pleased to provide legal/tax support. Sincerely, Robert Beatson, II; 7-29-2002, 12:05 a.m. EST; Law Offices of Robert Beatson, II; 9818 Glynshire Way, Potomac, MD 20854; Tel/Fax 301-340-2951; email: [email protected]; website: www.beatsonlaw.com; Licensed to practice law in DC, MD, VA, and NY.