Posted by M/C on May 16, 2009 at 06:56:37:
So If you close the LLc and start a new LLc what happens if you were sued on the old LLc?
Will closing it limit or end any future suit for it, also how do you defend the LLc if its closed?
LLC Closure - Posted by M/C
Posted by M/C on May 14, 2009 at 06:27:11:
Can anyone explain the rights(Pros & Cons also) of closing a NY Domestic LLc?
If a LLc has sold its only property should the LLc be closed for liability purposes and would this limit liability on the member?
Or should it remain active and add a new property and just go with the flow?
Does a LLc have to maintain insurance (What Type) even though theres no propertys in it?
Lots of law re LLC closing - Posted by John Merchant
Posted by John Merchant on May 18, 2009 at 10:33:12:
I was just reading a State of WA Supreme Court decision on this very topic and realized what a large body of law exists on the closing of, and ramifications arising from closing of an LLC.
This will vary from state to state so best you get into your state statutes and see what they say about closing down of LLC in NY.
In my State of WA, e.g., 2 years after routine non-re-registration of WA LLC, that LLC can no longer sue or BE SUED (!) so creditors would be affected.
NY is bound to have a great deal of law on topic so find your statutes and start a’reading 
Re: LLC Closure - Posted by Ken
Posted by Ken on May 15, 2009 at 04:34:52:
I have a NY LLC.I use it over and over for properties and see no need to close after 1 deal unless you have reason to believe you will be sued.We have a problem with lead lawsuits and I would consider closing and starting a new one if I expected a suit for lead.There is no need for insurance if no property,the only insurance I have is hazard insurance on each house.I have no builders risk or liability insurance beyond that provided on each policy for hazard insurance and see no need for any nor is there any requirement