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While the information an LLC needs to provide may differ by state, most require at least the name of the LLC and its members, the filing date, the date the dissolution will be in effect, the reason for making the decision to dissolve and information concerning pending legal actions or unpaid taxes.
Depending on the state, the LLC may also be required to submit a list of all debts, liabilities and remaining LLC assets.
A liquidating market can occur for pretty much any type of security if the right conditions develop.
For example, consider a housing bubble, in which real estate prices are continually bid up pretty much across the board.
In this case, the real estate market would be said to be a liquidating market, as most of the market's participants are chiefly interested in liquidating their assets into cash at that time.
Upon complete liquidation of a limited liability company (LLC) classified as a partnership, a distributee member generally does not recognize gain unless the cash and the fair market value (FMV) of marketable securities distributed exceed the outside basis in his or her LLC interest (Secs. (Note that this column addresses the complete liquidation of an LLC as opposed to liquidation payments made to a retiring member or a deceased member's successor in interest.) Likewise, no gain or loss is recognized by the LLC on a liquidating distribution (Sec. These general rules regarding gain or loss on liquidation are a major reason for formation as an LLC rather than as a corporation.
Just as there was a state-specific process you followed when the LLC got its start, each state also has a process you must follow to liquidate and close the doors.
A flight to liquidity would typically take place during times of economic or market uncertainty, as investors fear that the markets may tumble they choose to seek positions in more liquid securities in order to increase their abilities to sell their positions in the case where they wish to leave the market.
His remaining ,000 of basis in his LLC interest becomes his basis in the distributed real property (Sec. Z does not recognize any gain on the distribution although the FMV of the property R receives (,000) exceeds its ,000 Example 2.
Liquidating a limited liability company involves more than simply making a decision to cease business operations by closing the doors.
Whether the vote takes place with a show of hands or in a written format, the event should be documented in meeting minutes and made part of permanent LLC records.
Contact the secretary of state's office for your state and ask for the necessary termination forms.