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    KILALA's Avatar
    KILALA Posts: 14, Reputation: 1
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    #1

    Apr 24, 2014, 11:14 AM
    Do I need to carry the business insurance?
    I purchased the investment property in Hawaii under LLC company I formed.
    But I sold the property and my LLC in Hawaii does not do any business or activity at all.

    I carried the business insurance but do I still need to continue to carry the insurance?

    I am not going to do any business in Hawaii next couple years.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
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    #2

    Apr 24, 2014, 11:33 AM
    How long ago was the sale?
    Does your LLC operate in other capacity?
    'Next couple of years' might mean yes, keep it, or the insurance company won't pick you up again, depending on the nature of the policy.
    If you have a company lawyer, ask. Too many questions,
    KILALA's Avatar
    KILALA Posts: 14, Reputation: 1
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    #3

    Apr 24, 2014, 11:42 AM
    I sold the property last year.

    I bought a condo and rent it out. During that time, I had a business insurance.
    But now I sold the condo.

    No other activity with this LLC and I am not going to do any for next couple years.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
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    #4

    Apr 24, 2014, 01:26 PM
    Sure, drop it, but not all insurers will let you start and stop like this. Your choice. I'd drop it and take the chance.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    Apr 25, 2014, 06:05 AM
    LLC company
    Your use of the word "company" is redundant. "LLC" means "limited liability company". So you are saying "limited liability company company". The same idea as "Rio Grande River", or "Sierra Nevada Mountains.

    Drop the insurance. I doubt that there is a law in Hawaii requiring all LLCs to carry insurance.

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