llc, united-kingdom, liquidationI have started a few businesses in UK one LLC per project so that individual failing parts would not drag along to the bottom everything else. So I have a few companies that are essentially failed projects.
There are a few ways to get rid of company two most straightforward being liquidation and selling.
I have a feeling I am not going to make lots of money in selling, none of the companies have customers and assets are mostly websystems and domain names, so please when answering the question ignore the possible gain from assets but please mention possible losses (taxes, fees,…).
Has anyone tried both liquidation and selling and could tell me which would be fastest way to wind up with least hassle.
Fastest way is to just stop renewing your LLC. At least in Illinois, USA it just makes the company to be not in good standing forever and doesn’t require to do anything else.
And of course you have to stop doing business through this company and close all accounts to ensure nothing gets recorded against your dead LLC.
Usually liquidation is more for tangible goods. So if your assets are intangibles I would either put them up for sale, auction or just terminate your renewal agreements and simply close out the business.
From a taxes perspective it depends how you your assets are classified and how your business is structured. But any money you do make off the sale will be income you need to report on your own taxes.
But definitely follow up with an accountant to cover the details.
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