The LLC holds title to one vacant parcel of real estate in chicago, IL. the city has been issuing citations relating to lawncare and garbage on the vacant parcel. the city has also dug up liens that date back years and years prior to the LLC ever owning the property. The LLC has no money, hasn't paid the real estate taxes on the property in 3 years now, and has allowed the city to obtain multiple judgments for lawn height violations. the partners of the LLC would like to dissolve the corporation and allow the city to take the property. The articles of dissolution form states that "There are no suits pending against the company in any court etc.......... how do we address these law suits in order to dissolve the LLC without being required to pay these excessive fines?
Real Estate Attorney
It is possible that if you dissolve your LLC, you would be personally liable for debts. In addition, it may be possible that if someone was injured on the property, you would be personally liable. Bankruptcy might be an option, but I would suggest that your plan of dissolving the LLC is not a good one. Consult with an attorney who can advise you rather than relying on an online forum.
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