So basically i'm in a difficult situation and trying to figure out my next steps.
single-member LLC asset protection. I've been dealing with this for about 2 weeks now and the situation isn't improving.
I have already consulted briefly with a lawyer but did not get a clear answer.
What are my legal options here? Is it worth pursuing?
I went through almost the exact same thing.
I ended up hiring an attorney to send the initial letter, which cost about $2-4 but saved me a lot more in the long run just saying.
I've dealt with this before.
What worked for me was having everything documented. It took 3-6 months but was worth it.
If you're thinking about an S-Corp election, run the numbers first. It only makes sense once your net income is above ~$40-50k. Below that, the payroll costs eat up any tax savings.
Just went through the California franchise tax board audit process. If you dissolved your LLC, make sure you file the final tax return AND the certificate of cancellation. Otherwise the $800/year keeps accruing.