LLC in not good standing

[ILLMAS]

TP sister's LLC did not submit it's annual report, so it was dissolve, now the LLC name is up for grabs, TP wants to open a new LLC witht the same name, then sell it back to the sister. The cost to reinstate the LLC would be around 2K vs 500 to create a new one, there is no FEIN# assocaited with this LLC, I recommended just to make it active again and pay the 2K, but he asked me to look into it to see if it's possible. So if anyone knows, I would greatly appreciate it, not looking into breaking any law here, TP see it as when someone buys your R/E taxes and then sell back at a profit.

[OldJack]

I don't know what state you are in but most states allow you to deal directly with the state to reinstate and solve the LLC problem. Maybe give the state office a call on the phone to check. It sounds like the 2k you quote is with an attorney.

[JohnH]

In some states, the name of an administratively dissolved entity is not avaliable for 3-5 years. The only way to reactivate the exact same name is to go through their reinstatement process. You may want to check with your Sec of State (or whatever department administers LLC's) to determine if it's even possible to follow the "new LLC" route.

[jainen]

>>sell back at a profit<<

If the sister can not afford it, it might be worthwhile for your client to secure the name on her behalf. In my opinion, however, profiting from a family member's financial problems is never a good investment.