How to Shut Down Your LLC Properly

Summary

This video provides a critical, step-by-step guide for properly dissolving an LLC, which is highly relevant for STR hosts who use this business structure. It outlines the seven key steps, including holding a member vote, filing the correct paperwork with the state and IRS (Form 966), paying off all debts, notifying creditors, and filing final taxes. The speaker warns against simply abandoning an LLC, as this can lead to personal liability, ongoing fees, and even business identity theft.