4 {{ upvoteCount | shortNum }}
4 {{ upvoteCount | shortNum }}

Closing Down A LLC and Transferring Future Payments

by yourreviewer
3 replies
Here is the situation.

My client would like to close his LLC and make sure that all the future payments are made out a new LLC that his dad is planning on creating.

He expects future payments from Clickbank, Amazon, Commission Junction and other affiliate accounts.

Is this possible or does he need to close down all his current affiliate accounts?

To make sure that his dad gets all future payments, what would he need to do?

Is it just a matter of editing payment information details, bank information and Tax ID details?

Does he need to notify anyone else?

Your help would be much appreciated.
#closing #future #llc #payments #transferring
  • Profile picture of the author Bill Farnham
    Originally Posted by yourreviewer View Post

    Is it just a matter of editing payment information details, bank information and Tax ID details?

    Does he need to notify anyone else?
    This isn't legal advice, but your friend needs to unwind the LLC with all the State authorities and tax entities that have jurisdiction over such matters.

    He needs to take that step seriously.

    ~Bill
    Signature
    {{ DiscussionBoard.errors[5022791].message }}
    • Profile picture of the author yourreviewer
      Originally Posted by Bill Farnham View Post

      This isn't legal advice, but your friend needs to unwind the LLC with all the State authorities and tax entities that have jurisdiction over such matters.

      He needs to take that step seriously.

      ~Bill
      Yes, he would be officially closing the LLC but he has a Clickbank account which currently has his LLC details.

      What he wants to know is if he can go to the account and change all the details to the new LLC.

      I will ask him to contact an attorney but I was wondering if anyone had done something similar.
      {{ DiscussionBoard.errors[5022913].message }}
  • Profile picture of the author TopKat22
    It would be unwise to close the affiliate accounts because everything made with that affiliate link would have to be changed.

    If he owns the accounts, he should be able to change payment information in them.

    But why go to all that trouble, why not just sell the LLC to the father?

    Of course, he should get legal advice to properly sell an LLC or to do anything in question when transferring assets---contracts should be drawn up and such.

    :-)
    Signature
    44 days in and we broke the $10K a month recurring bench mark.

    Guaranteed 60% Opt In Rate Traffic-Real People-Fresh Today-High Quality Biz Opp traffic![/URL]
    {{ DiscussionBoard.errors[5022796].message }}

Trending Topics