Sentences with phrase «llc distributes its assets»
Not exact matches
The IRS considers an LLC's assets to belong to its members, so when a business is dissolved and its property distributed, the IRS does not recognize a taxable event.
https://www.inc.com/
The LLC transfers its assets and liabilities to the new corporation in exchange for stock, which is then distributed out to the owners of the LLC.
Often, the simplest way to convert a business is to dissolve, and totally liquidate the assets of, a corporation or LLC, distributing the assets to shareholders and / or owners.