Nottingham, MD asked in Business Law for Maryland

Q: LLC is forfeited due to not filing the property taxes?

I have an LLC and registered it in 2016. I failed to file the property taxes/ or annual report and didn't realize I have to do so. I am making anything from the business and income is zero up until now.

I figured that I can revive or reinstate my business but that requires a filing of taxes for the missing yeas up until 2018 with a fee of 300 dollars per year.

1) Wondering what are the steps should I take to avoid the 300 dollars fee since I didn't make anything of the business?

2) Can I still dissolve it? Just learned that I have to reinstate before I can submit the request to dissolve it?

3) Can it still stay in the forefeited status as I don't owe anybody or has to pay anyone else as I was the only member.

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1 Lawyer Answer
Mark Oakley
Mark Oakley
  • Rockville, MD
  • Licensed in Maryland

A: You can walk away, do nothing. Do not carry on business under the name (or if you do, you are a sole proprietor—so you can register the name, without the LLC designation, under your personal name). If you want to continue in business as an LLC without paying the costs of reinstatement you can form a whole new company with a new name and FEIN, and then register the old name as a trade name of the new LLC. The forfeited LLC simply remains forfeited.

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