HOW DO I DISSOLVE AN LLC OR BUSINESS TRUST IN VIRGINIA – A GUIDE FOR ENTREPRENUERS
At Fox & Moghul, we specialize in guiding limited liability companies (LLCs) and business trust through the intricate processes of dissolution and cancellation in Virginia. Our legal experts ensure that your business complies with state laws, safeguarding your interests throughout the dissolution or cancellation process.
Understanding Dissolution and Cancellation
- LLC Dissolution: In Virginia, an LLC may dissolve through unanimous consent of its members or as specified in its foundational documents, without needing to file articles of dissolution with the state commission. See Virginia Code § 13.1-1046
- Business Trust Dissolution: Similar to LLCs, business trusts can dissolve through unanimous consent of the trustees or as outlined in their governing documents. See Va. Code Ann. § 13.1-1234.
Navigating Asset Distribution and Legal Claims
Following dissolution, assets are distributed as stipulated under Va. Code Ann. § 13.1-1049, prioritizing creditors before members or trustees. We manage the equitable distribution of assets following dissolution, addressing both known and unknown claims in a manner akin to corporate entities.
Final Termination and Articles of Cancellation
We assist with filing articles of cancellation, ensuring compliance with Va. Code Ann. §§ 13.1-1050 (LLCs) and 13.1-1238 (Business Trusts), to effectively terminate the entity’s existence. We handle the filing of articles of cancellation with the Commission to formally conclude your entity’s existence, ensuring all legal and financial obligations are met.
Judicial and Involuntary Dissolutions
Our expertise extends to handling judicial dissolutions under Va. Code Ann. § 13.1-1048 and involuntary cancellations, ensuring your rights are maintained throughout the process. Our attorneys are proficient in handling complex scenarios that may require judicial intervention or respond to involuntary dissolution scenarios, ensuring the continuity of your rights and obligations.
Reinstatement Opportunities
Fox & Moghul can guide your entity through the reinstatement process within five years of cancellation, aligning with Va. Code Ann. § 13.1-1064, ensuring continuous protection of legal rights and obligations. Should your business circumstances change, we can assist in reinstating your LLC or business trust within five years of cancellation, navigating the legal nuances to restore your business effectively.
Expert Legal Representation
With years of specialized experience, Fox & Moghul is your trusted partner in ensuring that your business dissolution or cancellation in Virginia is handled with professional diligence and legal expertise.
For a comprehensive legal consultation on dissolving or canceling an LLC or business trust in VA contact Fox & Moghul today.
