Which is better for me, dissolve the LLC or quitclaim it ?

UPDATED: Sep 30, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Sep 30, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Which is better for me, dissolve the LLC or quitclaim it ?

My ex husband I own a LLC together with real estate in it. I have sold my real
estate interest to him and quitclaimed the deeds over to him. Is it better for me to
quitclaim the entire LLC over to him also or have him dissolve the LLC. Concerned
about liability.

Asked on April 29, 2017 under Business Law, Nevada


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Quitclaim it to him. There are scenarios where dissolving the LLC IF there is any potential liability out there against it (e.g. any unpaid bills, any fulfilled contracts, any debts, anyone injured on property it owned, etc.) could result in the members or former members (at the time the liabilty was incurred)  being liable, since dissolving the LLC while there are debts, obligations, etc. outstanding could possibly be seen as an attempt to defraud creditors. Quitclaiming it to him, the LLC--and it's liabilty protection--will remain in effect.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption