East Bay Business Daily

What happens to your registered business assets if you discontinue your LLC?

I own items that are registered under the business, however I want to breakup the LLC before selling off the assets. The asset in my case is a vehicle registered under the business. If I discontinue the LLC what happens to the vehicle registration? Please submit answers with link to something so I know where you are getting your informatoin. Thanks for the help.

Public Comments

1. You can't. You have to dispose of ALL LLC assets before you can break the LLC. "Ending an LLC Under the laws of many states, unless your operating agreement says otherwise, when one member wants to leave the LLC, the company dissolves. In that case, the LLC members must fulfill any remaining business obligations, pay off all debts, divide any assets and profits among themselves, and then decide whether they want to start anew LLC to continue the business with the remaining members. " http://www.nolo.com/legal-encyclopedia/article-30163.html
2. I am not an attorney and cannot give you legal advice, However, generally speaking, when the LLC is being dissolved the state will ask if all assets and liabilities have been taken care of. I would ask a tax professional, the DMV or government office where the vehicle is registered etc. and/or your state office to make sure all the correct steps are being taken. The link below has some general information on dissolving but is not specific to your situation.