Quick Answer: How Do You Reinstate An LLC?

How do I reactivate a dissolved company?

If your corporation was involuntarily dissolved because of an administrative oversight, your state’s laws may allow you to “cure” the deficiency within a specified time period by filing certain documents with the secretary of state’s office and paying fees to reactivate the company..

What happens if my LLC makes no money?

But even though an inactive LLC has no income or expenses for a year, it might still be required to file a federal income tax return. … An LLC may be disregarded as an entity for tax purposes, or it may be taxed as a partnership or a corporation.

How long does an LLC stay active?

​The LLC annual fee is an ongoing fee paid to the state to keep your LLC in compliance and in good standing. It’s usually paid every 1 or 2 years, depending on the state.

Can an LLC get a tax refund?

Can an LLC Get a Tax Refund? The IRS treats LLC like a sole proprietorship or a partnership, depending on the number if members in your LLC. This means the LLC does not pay taxes and does not have to file a return with the IRS.

What happens when an LLC expires?

For example, in California an LLC expires when the members unanimously consent to file a certificate of cancellation. After the certificate is filed, registration of the LLC will be canceled and all of its powers, rights and privileges will cease.

Can you repurpose an LLC?

It depends on the operating agreement and ownership of the LLC. If you are the sole owner, it should be easy to amend the operating agreement.

How long can a LLC last?

This is a question with more than one possible answer because it’s determined by the LLC’s articles of organization. An LLC can be basically unending or perpetual with no ending or expiration. Or, it can be created for a specific purpose with a defined end date that’s stated in the articles of organization.

How do I activate an inactive company?

Steps to reactivate a dormant companyInformation about the date of incorporation of the company.Certificate of Incorporation.MOA and AMOA of the company.Income tax return filings that have been done up until the time for applying reactivation.

Can I start another business under my LLC?

The answer is yes–it is possible and permissible to operate multiple businesses under one LLC. Many entrepreneurs who opt to do this use what is called a “Fictitious Name Statement” or a “DBA” (also known as a “Doing Business As”) to operate an additional business under a different name.

Do I need a new EIN for my LLC?

Yes, if you have an existing Sole Proprietorship with an EIN (with or without a DBA) and you want to change your Sole Proprietorship to an LLC, you will need a new EIN from the IRS. … therefore they require that you get a new EIN for your LLC.

Can I have 2 EIN numbers?

The simple answer to the question of how many EINs you are allowed is as many as the number of business entities you have. A single business or entity can have only one, although there are situations where you will need to apply for a new one due to changes to your business.

How does an LLC become inactive?

To dissolve, the LLC must settle all outstanding liabilities and divide the LLC’s property among the owners. Then the LLC’s members must complete and submit a statement of dissolution to the secretary of state where the LLC was organized. The statement includes the name of the LLC and the date it was dissolved.

Can I reopen a closed LLC?

Some states allow for reactivation by refiling paperwork and paying a fee, while in other jurisdictions, the only way to reactivate is by filing new articles of incorporation and forming a new LLC with the same name—so long as the name is still available. …

What does it mean if an LLC is inactive?

When a company has an inactive business status, this means that it still exists in the eyes of the law but that it has no activity taking place. It could also mean that it has had no business transactions take place in a particular year.

Do I file my LLC taxes with my personal taxes?

The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return.