When I was 19 a friend and I formed an LLC, which fizzled out in the fall of 2000 along with hundreds of other dot coms. Basically, we just closed up shop and walked away from the project. Meanwhile the state of NJ, where we incorporated, sends me a letter every year saying the company is going to be barred from doing business in NJ if I don’t send in the filing fee of $250 to officially dissolve it. It’s been five years and they still haven’t taken the threatened action.
The thing is I don’t see any reason to spend the money. I have no stake in the company, it’s been dead and buried for five years. Either I officially dissolve it or the state kills it; same result for me either way, except in the latter I save some money.
My only concern is whether this could have any effect on me in the future. The letters come addressed to the company care of me, the sole listed officer. But, technically I’m a separate entity from the LLC, right? That’s most of the reason people incorporate, to insulate themselves. So, can this come back to bite me in the ass in any way. Can the corporate veil be pierced and effect my credit rating? Also, I have to go before NJ Bar Association Ethics Board before they permit me to take the bar exam when I finish law school.
So, should I just suck it up and pay the money or forget about it?