Updated over 11 years ago on .
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Newbie LLC Snag
Hello All. A few years back, I attended a seminar and jumped into doing a few fix and flips. Long story short, I opened a Ca. LLC under which I purchased and sold one of the properties. At the time, $4K was left in escrow to pay the contractor for the sewer lateral after the sale. Fast forward to today. I was recently notified that $4500 is sitting in escrow and was never claimed by the contractor who performed the sewer lateral back in 2008. In fact, they are no longer in business. The money was refunded to me in the name of the LLC. Problem is, I let the LLC lapse, never paying the taxes. I had no idea what I was doing when I opened it and really still don't. I just know that I have $4500 that belongs to the LLC which is me. I have no idea what I can do to get this money. Can anyone offer suggestions? Obviously, it was newbie mistake to open something I didn't understand. Thanks in advance for any help you can give.