Keeping LLC open after sale of property

[Kenneth Hynes]

Hello all ,  

While usually I am a residential SFR investor, i have a family member that has recently sold a commercial (Strip mall property with 5 tenants) . Closing was last month with few issues. They had set up a LLC to manage the property, collect rent, pay taxes etc. This was the only property in the LLC , and was wondering was there any advice about keeping the LLC active (with no assets) for a period of time after the sale ? I remember reading in one of Rich Dads books about keeping a LLC open after sale in case any potential legal actions . Does any commercial investors have a standard practice about keeping LLLC active after sale. The property is Located in NY, and was researching the statue of limitations but did not find any of this particular case

any feedback appreciated 

ken

[Matt Clark]

Kenneth Hynes , a year should be sufficient. I remember once closing down an LLC too soon, and then subsequently receiving a significant refund check of some sort.

In order to cash the check I had to reinstate the LLC with the state corporation commission so that I could open a new bank account in the name of the LLC, then deposit the check.