As Mr. Doland has pointed out, the minimum franchise taxes are owed by the LLC, not by you personally. So if the fees are not paid, the entity is supended. You do not have a personal liability. So your option is to not use the entity and let it "die."Ask a similar question
The 1st place to look is your sale documents. and if you didn't save copies,see if you can get them from the broker or title company. It sounds like this was a real estate deal if there was a "broker and/or title company" involved, and your RE agents would have owed you "fiduciary duties in this transaction, so you may have a cause of action for indemnity against them if they performed negligently.
Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to any follow-up comments. If you want to hire me, please contact me. Otherwise, please don't expect a further response. We need an actual written agreement to form an attorney-client relationship. I'm only licensed in CA and you shouldn't rely on this answer, since each state has different laws, each situation is fact specific, and it's impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.Ask a similar question
If you sold the LLC in 2004, you can pass the FTB letters on to the new owners.
If you bought the LLC in 2004 and are the owner(s), then you can either pay the minimum annual FTB fee or if the company has no assets or activity, you can allow it to become suspended. The tax is owed by the entity, not the owners.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.Ask a similar question
Let's be clear here -- did you sell the LLC or did the LLC sell it's business assets? The answer to this question makes a big difference.....so please put forward additional facts.
My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained. Please click "helpful" or "best answer" if my answer added any value or add a "comment" if you have more info for me to help you get a better answer.Ask a similar question