How To Dissolve A Delaware LLC?

[SeeMeInTheMorning]

I'm planning on creating a small business with 2 other friends that are willing to help out and invest in the idea. I'm wondering what the best way to structure the business is in this case. I've been looking at multi-member LLCs as a possible option but, again, I'm new to this and unsure what the best way is. Do you have any experience on this or any advice you want to share? I'm doing this in Delaware if that helps.

 

[Sols]

The question in the topic is about dissolving which means to terminate a company, but then the question in the post seems to be about forming an LLC.

Could you please elaborate a bit on what exactly you are looking for?

 

[SeeMeInTheMorning]

The question in the topic is about dissolving which means to terminate a company, but then the question in the post seems to be about forming an LLC.

Could you please elaborate a bit on what exactly you are looking for?

Oh! I got a mistake while I was writing about dissolve a Corporation and I was thinking of how to start an LLC.

So, here is the result, the title was wrong! I have formed my Corporation for 2 years and till now I don't think I could handle it anymore. I and some of my team members decide to dissolve it.

I'm looking for a way to dissolve my Corporation in Delaware and I also want to open the LLC here.

 

[RachelNg]

You can go with LLP (Limited Liability Partnership) for this case, but the role of each of the partner has to be specify. Partnership need clearly defined roles and what each will bring to the startup and how decisions will be made and how profit we will be split. This should be in an agreement. If you think LLP is not for you, consider Private Limited Company and all three become directors with shares as per your agreement.

 

[uplana]

I'm looking for a way to dissolve my Corporation in Delaware and I also want to open the LLC here.

So why not ask the agent that setup the company for you to help you with both or find some of the many agency service around in Delaware to help you with both. I believe it can't cost much!

 

[CHexpat]

I plan to open a Wyoming LLC. I am Eurpean citizen, a non US resident. This company will only have revenue from a Swiss LLC, then I will take out the money from the US LLC. No other transactions planned.

I think I am fairly ok with opening the US LLC, and what my annual reporting requirements will be. However, what I don’t understand is: when I decide in 5 or 10 years that I don’t need the US LLC any longer, what do I need to do then? Obviously by that time there will be nothing left (no assets, no liabilities). My understanding is that if I don’t do anything, the LLC will be fined for missing forms, and the registered agent will not be working etc. What happens then? Will the entity be deregistered and thats it? Do I need to fear any repercussions if I travel one day to the US? Could I reopen another LLC after having abandoned this LLC?

if it is recommendable to formally dissolve a US LLC, what is the process / cost?

 

[Sols]

if it is recommendable to formally dissolve a US LLC, what is the process / cost?

Yes, always dissolve properly. Besides cost and a bit of time, there are no disadvantages to dissolving a company properly. It leaves a nice, clean trail in future SOF/SOW checks banks or tax authorities might do on you.