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save customers time and money till now our T1 achieving rate is 98 after T1 96 molds are qualified for mass production every year we will import 10 to 15 percent turnover into new equipment investment to ensure continued accuracy right now we have gained high-speed CNC total 8 sets mirror EDM machines 67
Thanks for your comment Rickie Ferraro, have a nice day.
- Tory Field, Staff Member
do you have a non-compliant llc do you even know what that means today we're going to talk about what it means to have a non-compliant llc and what to do if you find yourself in that situation roll the intro hey my name is jim hart i'm the founding attorney here at hawthorne law where we help online businesses get their legal house in order so that you can focus on what you do best and that is building a business that truly matters in the world today i want to talk to you about what it means to have a non-compliant llc and what you can do if you find yourself in that situation so and i want to thank cleve who is the viewer that submitted an email to me that was the basis for this question and cleve in his email to me said if you created an llc but have been horrible at keeping it formal or compliant what steps do you take to make it formal again or is it too late do you just create a new llc or create a new business bank account when the courts take into consideration that you made your llc formal again thanks cleve thank you cleve for that great question that is an amazing question and frankly i can't believe i haven't touched on it yet on this youtube channel but we're going to get into it today so this is a situation that a lot of fledgling businesses find themselves in and these are people that you know think oh i i would really like to start that online business i think i'm going to go ahead and do that and then they google around they find a place to form their llc they go ahead they form their llc and then a couple months later their idea kind of burns out or pitters out or doesn't gain a lot of steam and then they're just like i don't know i i don't know what to do anymore and they don't do anything does that sound familiar does that sound like something that maybe you have found yourself in a situation that maybe you are something that you've done in the past i'm not going to sit here and say that i have done that per se anyway if you find yourself in this situation and like our friend cleve here and you think that this might be something that you've done and your llc is no longer in compliance whatever that means we're gonna get to that in a second then today we want to really touch on what you need to do next steps going forward to make sure that you are in compliance moving forward because the last thing we want is for you to have a business that is not legit we want legit businesses here so but i will tell you this like many of the questions that i face on this channel this is one of those seemingly non-complicated questions that's actually kind of complicated and there is not necessarily a good straightforward answer to this but here's the problem because if you find yourself in this type of situation where you are maybe non-compliant or forgot to pay attention to your llc and you're not quite sure what to do next the the issues that may come up you know you clearly piercing the corporate veil is one if you don't have a valid llc if somebody were to sue you they could pierce the corporate bail you could have issues with your trademarks if you filed for trademarks under the name of your llc you could have tax problems if you sold or purchased assets in the name of the business they type there could be title issues there and there's a whole host of other problems that you could face if your llc is not in compliance so today i want to share with you what you need to do if you find yourself in this type of situation but before we go into that i do want to talk about what it means to be not in compliance per se and for that i'm going to bring out my handy dandy white white board marker board whatever you call these things i'm going gonna bring out the whiteboard i'm gonna do some some writing so number one you didn't pay your annual dues so this is a fairly simple thing to do a lot of people do this they don't pay their dues if you don't pay their dues there could be issues we're going to talk about that here in just a second all right number two i get that right yeah not bad no operating agreement all right number three you haven't paid your taxes yeah you know who you are all right number four you didn't fund your llc right there let's go through those one at a time all right number one is you haven't paid your annual dues and that is probably gonna be the biggest issue that we're gonna have to deal with and when we're talking about non-compliance because if you don't pay your annual dues then the state can actually administratively suspend your llc or actually dissolve your llc entirely meaning that you won't have an llc anymore they basically say okay you didn't pay your dues we're going to close you up and that'll happen so that's the number one issue that that most people get into is they form their llc they forget about it they don't pay their annual dues and then their llc gets administratively dissolved what to do about that we're going to talk about here in just a second the second issue is you don't have an operating agreement this isn't as big of a deal because there's a statute that you can fall back on if you don't have an operating agreement but most people like to follow the rules of their operating agreement as opposed to the default rules that the states are going to give you and so in those type of situations you get an operating agreement in place and then you're good to go from there number three you haven't paid your taxes well for most people if you're talking about an llc if you just got started and you haven't done anything with the llc then chances are the llc doesn't you know hasn't generated any revenue in which case you're not gonna i mean if you haven't paid your taxes that's usually gonna be a personal issue not a business issue because for most people that are just starting out with an llc and don't do anything with it then all the money flows through your first personal tax return anyway that's usually not a terrible it's usually not a big issue didn't fund your llc this is an issue that can come up quite a bit where people start the llc kind of forget about it but they don't form their bank account they don't get an ein number they don't put any money in the bank account they don't do anything they just get their paperwork and then stick it on a shelf or in a drawer somewhere and forget about it those people in most situations are also going to have issues where they haven't paid their annual dues which are going to be a whole separate set of issues that we just talked about so those two probably go together quite a bit actually so basically what you're going to do and if you find yourselves in one of these situations is the first thing you need to do is get your button gear and figure out what it is that you need to do to get your business back on track and so if you're you might want to check with the secretary of state's office and see if they've mis administratively dissolved your llc if they have what is it going to cost to get your llc back in some cases it might make more sense just to go ahead and file a new llc in other cases you want to pay back whatever you owe to the state and g
Thanks travesty1C your participation is very much appreciated
- Tory Field
About the author
I've studied navigation at Juniata College in Huntingdon and I am an expert in experimental psychology. I usually feel content. My previous job was child support services worker I held this position for 26 years, I love talking about minimalism and racing. Huge fan of Dylan OGBrien I practice bowls and collect non-sports trading cards.
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