Legal question
 

I'm dissolving an LLC from Illinois because I don't live there anymore. I'm assuming I can dissolve the old LLC and all contracts and legal bindings die with it? Meaning if somebody has a debt owed in the old LLC it is dissolved along with it?

I can't imagine it would be that simple to eliminate debts.

Nope, what can happen is any contracts or outstanding obligations on your corp's part could now become your liability. You have lost the legal umbrella between you and corp acquired liability.

As far as assets that's a different subject.

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The only debt was with my actor, who doesn't want anyone to know he did porn. It's not a huge debt, just $440. But it still upsets me a little as he was a pain in the ass and actually cost me money in cancellations and just through man hours. Blackmail would most certainly work in this situation. LOL.
I was still planning on paying it. Anyway...

In that case dissolve it. It is highly unlikely the guy has the means to sue you anyway.