As a small business owner, it’s crucial to stay on top of your legal obligations, including renewing your LLC registration by filing an annual report. However, life can get busy, and it’s easy to forget to take care of important tasks, such as filing an annual report.
In this blog post, we’ll explore what happens if you miss your annual report filing deadline and how a Kernersville business lawyer can help you navigate the consequences.
Have more questions? Apple Payne Law can help you.
If you forget to file your annual report, you’ll receive a warning letter from the Secretary of State. If you still don’t file, the next step is administrative dissolution. This means that your LLC is no longer recognized as a legal entity, and you lose the protections that come with being an LLC.
While the IRS will continue to tax you according to your business, losing the shield of protection that an LLC provides can put you at risk if you’re sued. This is why it’s essential to file your annual report and keep your LLC in good standing.
If your LLC has been administratively dissolved, don’t panic. A Kernersville business law attorney can help you reinstate your business and regain the protections of being an LLC.
Here’s what you can expect:
At Apple Payne Law, we’re the right choice for your business law needs. Our experienced attorneys provide personalized legal services tailored to meet your specific needs.
We believe that everyone deserves access to quality legal services, which is why we offer affordable rates and free consultations. We’re committed to your success and will work tirelessly to protect your LLC and ensure that your business is in good standing.
Our team has the experience necessary to provide you with the best possible legal services for your business in the Kernersville, NC area. If you’re in need of a business law attorney, contact Apple Payne Law today. We’re here to help you and your business succeed.
Whether you need help with reinstating your business or ongoing legal support to keep your LLC in good standing, we’re here for you.
Can I still operate my business if my LLC has been administratively dissolved?
Yes, you can still operate your business, but you’ll be doing so as a sole proprietorship or general partnership, which means you lose the protections that come with being an LLC. This puts you and your business at risk if you’re sued.
How can I reinstate my LLC if it has been administratively dissolved?
To reinstate your LLC, you’ll need to file the necessary documents with the Secretary of State’s office. A business law attorney can help you with this process and ensure that your LLC is reinstated as quickly as possible.
What legal protections do I lose if my LLC is administratively dissolved?
When your LLC is administratively dissolved, you lose the protections that come with being an LLC, including limited liability protection. This means that if you’re sued, your personal assets may be at risk.
Missing your annual report filing deadline can have serious consequences for your LLC. Administrative dissolution means that you lose the protections of being an LLC and put your business at risk if you’re sued. However, with the help of a business law attorney, you can reinstate your LLC and get back on track.
At Apple Payne Law, we’re committed to helping small business owners navigate the complex world of business law. Give us a call to learn more about how we can help you and your business.
Contact us today to schedule a free consultation.