What is the name of your state? DE
Hey guys. This is the situation:
In February 2002 me and several friends incorporated as an LLC in Delaware (we live in Georgia). It was a bad idea because we did not need to do it, but we thought we did. Later that year we stopped working together and now the company no longer exists (we are still friends, though). Well a few days ago I get an email from my registered agent that says we owe $545 in past due franchise taxes. I now realize that the company will continue to accrue taxes and late fees until the company is cancelled. The cancellation fee is $100. I called Delaware today and inquired about what we could do to settle this matter. Delaware stated that the company will continue to accrue taxes and late fees until it is cancelled. But in order to cancel the incorporation, you must pay the taxes! All in all it is going to cost about $800 to settle this matter. The problem is we do not have $800! And they will not accept installments for franchise taxes. So my question is what will likely happen to us because we cant afford to pay? Are we, as members, going to be liable? Thanks.
Hey guys. This is the situation:
In February 2002 me and several friends incorporated as an LLC in Delaware (we live in Georgia). It was a bad idea because we did not need to do it, but we thought we did. Later that year we stopped working together and now the company no longer exists (we are still friends, though). Well a few days ago I get an email from my registered agent that says we owe $545 in past due franchise taxes. I now realize that the company will continue to accrue taxes and late fees until the company is cancelled. The cancellation fee is $100. I called Delaware today and inquired about what we could do to settle this matter. Delaware stated that the company will continue to accrue taxes and late fees until it is cancelled. But in order to cancel the incorporation, you must pay the taxes! All in all it is going to cost about $800 to settle this matter. The problem is we do not have $800! And they will not accept installments for franchise taxes. So my question is what will likely happen to us because we cant afford to pay? Are we, as members, going to be liable? Thanks.