Reviving a Suspended LLC
To revive a suspended LLC, file missing paperwork, pay owed fees and penalties, and clear outstanding taxes – up to $2,000 per year. The Secretary of State processes reinstatements within 5 days. LLC owners can be personally liable for any illegal transactions during suspension.
Understanding a Suspended LLC
An LLC may be suspended by the state for failure to file reports or pay taxes. When suspended, an LLC loses rights and can’t operate legally. Generally, a suspended LLC can’t legally do business or transfer assets. However, assets could still be illegally sold. Courts may reverse such sales. LLC managers may be liable for damages from illegal transactions during suspension.
Activating a Suspended LLC
An LLC may be suspended by the state for failure to file reports or pay taxes. To activate a suspended LLC, file missed paperwork, and pay outstanding fees and penalties. When an LLC is suspended, it loses all rights and can’t legally operate. To reinstate, file statements and pay owed taxes. The Secretary of State typically processes statements within 5 days. LLC owners can be liable for illegal transactions during suspension.