LLC question

[hughthehand]

Hello all. I have been in my chapter 13 for a year and a half. When I filed, I had to list an LLC that I am a manager of. The LLC had no assets or liability at the time of filing my chapter 13. Actually, I have had this LLC set up since 2003 and never did anything with it. It doesn't or never has had a bank account. My mother and brother are also co-managers of this LLC. I was wondering if it would throw red flags if we were to buy some stock through this LLC. The LLC has never been audited. I welcome all comments and replies. Thank you.

[justbroke]

Is the LLC even active? Is it in "good standing" with the Secretary of State? Just wondering, since you imply that it's been dormant.

Well, depending where these funds come from, it could raise eyebrow with the Trustee. You see, whatever your interest is/was in the LLC, is property of the estaet (or at least property administered by the Trustee). I would talk to your BK lawyer about this, as I'm no specialist.

I have a defunct corporation and I just let it die. I don't want to resurrect it (reactivate it) and cause any issues in my Personal Chapter 13.

[hughthehand]

Yes it is active. I just haven't used it. I renew it every year. One reason I keep it is because in Florida, in construction, unless you are a corp and get a workers comp exemption, you have to pay 50% to an insurance company for workers comp. I just had this LLC in case I picked up a big job. I have mainly been able to fly under the radar without using it.

[justbroke]

Yes it is active. I just haven't used it. I renew it every year. One reason I keep it is because in Florida, in construction, unless you are a corp and get a workers comp exemption, you have to pay 50% to an insurance company for workers comp. I just had this LLC in case I picked up a big job. I have mainly been able to fly under the radar without using it.

I know exactly what you mean with the workman's comp in Florida.