Houston, TX asked in Bankruptcy, Business Formation and Business Law for Texas

Q: Should my LLC be cancelled by administration?

If I receive a notice for a hearing to NOT revoke our "limited sales, exercise and taxes" while having small outstanding sales taxes, would I need to pay them if I'm looking to dissolve my LLC regardless?

We created a company that wasn't profitable and we ended up not having that many sales, yet they insist our taxes are a much higher number than what they suggested we owe. We didn't even come close to breaking even and we were looking to dissolve the LLC until we saw how much tax we owed.

If the LLC gets terminated/suspended, what happens to the owed taxes?

Thanks in advance

1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: You will still owe the taxes whether the LLC is dissolved or not.

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