Q: How does my family dissolve a family LLC in New York?
My family created a family company to remove assets from my mother's estate. The family company is now owned by my sister and myself in equal shares. We both would like to dissolve it. What is the simplest way to do this?
A: Put together a dissolution agreement outlining the terms of the payment of any liabilities and distribution of assets to members / non-members. and then file a final tax return, don't pay the annual fee; If you wish you can file formal dissolution documents with the Dept. of State, but it's not always necessary (i.e. if you have a good reason to do so you do it, if not you can just let the LLC be dissolved automatically by non-payment of the annual fee).
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