A BiGGGGGG MeSSSS

[rcallstar24]

Ok so last year I call myself taking my first step into the real estate world, I got suckered into starting and LLC in Nevada. After talking to my tax adviser she said I was moving to fast. So I took her advice and slowed down. I ended up starting a sole proprietorship in the state I was doing business in. Now that Tax time has rolled around my Tax adviser told me that I was in default with the secretary of state of nevada. I never used the LLC from Nevada, I had been doing business from the sole proprietorship i started that same year. What I want to do is shut down the LLC in Nevada and just turn the Sole Proprietorship into a LLC in the state I do business in. What are my options? This is just a big mess......    

[BLL]

Default means NV will not recognize the LLC because you haven't paid the annual fees. Worst case is you file the back annual fees with the late fee and then file a dissolution. Best case is you just have to pay to file the dissolution. If the LLC has an EIN, you need to file final tax returns with the IRS.

[davewindsor]

Ok so last year I call myself taking my first step into the real estate world, I got suckered into starting and LLC in Nevada. After talking to my tax adviser she said I was moving to fast. So I took her advice and slowed down. I ended up starting a sole proprietorship in the state I was doing business in. Now that Tax time has rolled around my Tax adviser told me that I was in default with the secretary of state of nevada. I never used the LLC from Nevada, I had been doing business from the sole proprietorship i started that same year. What I want to do is shut down the LLC in Nevada and just turn the Sole Proprietorship into a LLC in the state I do business in. What are my options? This is just a big mess......    

Just curious.  What did it cost you to set up a Nevada LLC?  How much does it cost to clean up that mess?  I might be interested in the Nevada LLC if there's a significant savings to transfering it over.

[rcallstar24]

I pay $1300 for the LLC with a corporate shield, not to sure how much it will cost to clean up everything but I am open to any options.

[davewindsor]

I pay $1300 for the LLC with a corporate shield, not to sure how much it will cost to clean up everything but I am open to any options.

Is a corporate shield prepaid legal or what is that? 

Call 411 and ask them for the number of the office of the secretary of state and ask them what you have to do to fix it and ask if they will e-mail you the forms.   It might just be a matter of signing a couple forms and sending them back.

Also, what is the difference between what business rocket offers on e-bay and you:  http://cgi.ebay.com/Form-a-Nevada-Corporation-Incorporate-in-Nevada_W0QQitemZ300384139858QQcmdZViewItemQQptZLH_DefaultDomain_0?hash=item45f04a3a52

[BLL]

I pay $1300 for the LLC with a corporate shield, not to sure how much it will cost to clean up everything but I am open to any options.

Just file the dissolution with the NV sec of state. I think it's $75. Since you are in default, they may require you to get current before they process the dissolution. That is $125 plus a late fee and possible a $200 business license. Any of the incorporation services can do it for you, but they are going to charge a service fee on top of state fees. That may be money well spent since you don't know what you are doing.

For $1,300, the incorporator should be more than willing to file the dissolution for just the state filing fees.

[BLL]

Also, what is the difference between what business rocket offers on e-bay and you:  http://cgi.ebay.com/Form-a-Nevada-Corporation-Incorporate-in-Nevada_W0QQitemZ300384139858QQcmdZViewItemQQptZLH_DefaultDomain_0?hash=item45f04a3a52

Looks like another cookie-cutter operation.

[mcwagner]

Meanwhile...

you can't just "turn into" an LLC.

You have to form the entity, fund it, then transfer assets into it.