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  1. #1
    Join Date
    Mar 2006
    Location
    Colorado Springs
    Posts
    4

    Default LLC in Collections

    I started an LLC last year and opened a bank account. There was very little activity in the account for the last 6 months. The LLC has not been active in the last 5 months. I planed on closing it down at the end of 2005 and filling a final return. I ran it out of my home and moved. I sent the bank a change of address, but they never forwarded my statements. Now they say I owe them $750.00. The bank turned the item over to a collection agency (that is how I found out). The collection agency is treating to take the company to court. Will they come after me personally? What are my options? Do I have to pay the collection agency? I would be willing to pay ½ of the amount, because thouse seem to be valid charges. Can I close the LLC and say sorry, its closed? What are my options? Thank your for any replys.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default

    You mean, you bounced $750 in checks? (Or it's $750 for bounced checks, with fees, interest and penalties?) An LLC won't shield you from your personal, intentional acts of misconduct, so if that's the case you can assume they'll come after you.

  3. #3
    Join Date
    Mar 2006
    Location
    Colorado Springs
    Posts
    4

    Default

    Actually, none of it was bounced checks. The break down is $450 in actual debit card transactions and $300 in bank fees. About $100 worth of the debit card charges I would have protested had I found out about them in time. I am more than willing to pay the $350, and I might be willing to pay $450. I just think the bank should wave the $300 in fees, which wouldn't have occured if I had got my bank statments. I want to know if I have any leverage to use to get the fees waved. Does that sound reasonable? Or should I just pay the $750 and be done with it? BTW, thanks for the quick reply.

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default

    You waited five months? Had you not received a statement for the first month, even the second month, you might be able to convince the bank that there was some sort of oversight with the forwarding address. But waiting five months will likely make it difficult. Still, banks have been known to work with customers, and can waive their fees if the choose.

  5. #5
    Join Date
    Mar 2006
    Location
    Colorado Springs
    Posts
    4

    Default

    The account went negative January 5, 2006. The LLC has been more or less inactive for the last 5 months. It is already at a collection agency, which seems kind of quick to me, but I’ve not been through this before. I don’t have the Decmeber, January or February bank statements. Sounds like you think I should be ready to pay the $750. The collection company called for the first time today.

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