Does anyone have experience in winding down a Delaware search fund LLC?

by a searcher from Warsaw School of Economics

3 years ago

We were advised to perform a de facto liquidation, but maybe someone went through this process and could share some tips? (I know if someone closed their fund it's unlikely he's still active here, but maybe some international searchers dealt with this)

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professional from Harvard University - Harvard Business School

I formally sunset a S-corp a few years ago through the Secretary of State office. Very simple online process. I filled out the final paperwork myself. I think they asked for a final return and franchise tax.

3 years ago | like reply | 0 likes

searcher from University of Pennsylvania - The Wharton School

I was advised by both my attorney and accountant to "just let it die." Meaning: do nothing and eventually the state of Delaware will dissolve the LLC after a few years of not paying the franchise tax. You get the benefit of longer liability protection and dont worry about incurring unnecessary costs. I was skeptical of doing nothing but almost 3 years later and its worked out just fine. I also had no assets to liquidate so it made it easier.

3 years ago | like reply | 0 likes

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