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Unread 01-20-2010, 10:38 PM   #1
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Default Why would a company's LLC be revoked?

So my bf and I found this house in AR and it's through a rental company. I was looking up reviews and found something saying their LLC was revoked? I tried googling why that would happen but I can't understand all that tax/business jargon. Does this mean theyre delinquent in some way or a bod company? Other sites I saw listed them under info about NWA so I don't know why they would be on those websites if they weren't trustworthy? Why would they revoke an LLC? I don't even know what an LLC is lol
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Unread 01-20-2010, 10:49 PM   #2
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Default Re: Why would a company's LLC be revoked?

LLC is a company form. Companies are organised in different forms for different reasons. A reason could be that they want to limit the liabilities of the company owners.
If the LLC is revoked: it means that the company doesn't meet the requirements of being a company in LLC-form anymore. It could mean that they didn't meet e.g. the tax requirements, legal or insurance requirements.

I consider that to be a real bad sign; I wouldn't do business with them.

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Originally Posted by salukigirl View Post
So my bf and I found this house in AR and it's through a rental company. I was looking up reviews and found something saying their LLC was revoked? I tried googling why that would happen but I can't understand all that tax/business jargon. Does this mean theyre delinquent in some way or a bod company? Other sites I saw listed them under info about NWA so I don't know why they would be on those websites if they weren't trustworthy? Why would they revoke an LLC? I don't even know what an LLC is lol
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Unread 01-21-2010, 12:39 PM   #3
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Default Re: Why would a company's LLC be revoked?

An LLC is a business status that a company applies for through the state corporation commission in lieu of applying to become a full incorporated entity. The tax and reporting requirements are less stringent. To have one's LLC revoked could simply mean that they failed to renew their application or pay the annual fee. It could simply mean that they no longer had the need to be designated as an LLC. A revokation just means that the state government no longer considered them an LLC for any one of several administrative reasons, it doesn't necessarily mean they did anything bad. It could mean they simply didn't file some paperwork for a particular fiscal year.
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Unread 01-21-2010, 01:02 PM   #4
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Default Re: Why would a company's LLC be revoked?

http://www.bizfilings.com/products/reinstatement.asp

There's lots of rules and regulations that have to be followed annually and fees to pay and they may not have made the state's deadline for one thing or another. If you're just renting, I don't know that things can go too badly? They're the ones that have the problem and they can't really give you problems (legally) without getting into further problems themselves. Actually it means their company officers are personally, financially liable if something happens and you sue them, say. It just says they're in trouble, doesn't really impact you (the laws won't allow them to throw you out immediately or anything else if you have a legal lease, etc.). If you're just renting, I wouldn't worry about them. I wouldn't buy anything from them though :-)
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Unread 01-21-2010, 01:06 PM   #5
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Default Re: Why would a company's LLC be revoked?

Thanks guys. I'm guessing that once we get down there and know more about the city it will be easier to find a company or landlord and a house closer to campus etc... just right now, without having any idea of anything down there besides our one visit, we have to kind of take what we can get. Plus, moving in the summer to a college town doesn't normally happen, most leases don't start until Fall semester so renting in May gives us less options anyways. Thanks for the info, everyone.
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Unread 01-21-2010, 05:59 PM   #6
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Default Re: Why would a company's LLC be revoked?

I called my Dad to ask him because he flips houses and rents them out so he has been a landlord and had his own business for a while. He said that him and 2 other guys he was in a business with incorporated and that it was a total hassle. He said that it shouldn't effect me being a renter but that the people with the business probably decided that it was too much of a hassle to do the different taxes and pay the fees etc...

But then he said that, if I'm going to be down there for several years during grad school, that it might be better to look into buying a foreclosed home and just work on fixing it up. Which my bf and I had talked about but we just assumed that everyone would say that it was a horrible idea. My dad even said that if we decided to do that that him and my brother would come down and work on it with us. Of course then, I'm sure when we sold it, we would have to share some of the profit with him. But my bf used to work in finish carpentry and I have done roofs on several houses and remodeled bathrooms before so, combined, I think we could it. So now we have a whole other can of worms to open up!
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Unread 01-21-2010, 06:42 PM   #7
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Default Re: Why would a company's LLC be revoked?

lus, if you are there to go to school, that is your first priority! are you and bf good at time management? great that you have so much experience with all the remodeling stuff if that is what you decide though! Good luck, sounds exciting.
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Unread 01-21-2010, 08:35 PM   #8
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Default Re: Why would a company's LLC be revoked?

Beholden - I have worked 2 jobs the whole time I have been in school without my GPA ever dropping below a 3.5. After 5 years of that I am an expert at time management! haha
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