What should I do
Hi, so my llc has been inactive for about 10 years now. Should I create a new one or try to reactivate it. What are the pros and cons.
Thank you in advance for taking the time.
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#1 Commercial Real Estate Investing Contributor
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The LLC part is easy either way. Do you also have an Operating Agreement for it? That is where you need to spend the most effort.
Check to see if your old LLC is even still active on the state's roster.
I know where I used to have mine (MA), it would be "administratively closed", i.e. dissolved, if you didn't file your annual reports and other paperwork timely. I think it was 3 years before the Secretary of State would close it, but that's a distant memory. That probably also varies by state.
If it was administratively closed, you might had some significant expense to resurrect it - like paying 10 years of back fees and filing 10 years of back reports. Again, check with your state.
I suspect that it would be cleaner and easier to just start a new one. Especially if there's any chance of latent liability.
