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What to do when you want to close your business?

A corporation or LLC can come to a place of dissolution for several reasons. It can simply be a decision you’ve made for your company because it is no longer successful, you are moving on to a new adventure or your shareholders wish to dissolve its assets. This will, fortunately, stop the necessary tax filings and other requirements that come with having a record of operation on file with the secretary of state. But, the emotional decision to dissolve your company can be tough at times, if you put your heart and sweat into building your own business.

Allow LaunchThatBrand.com to ease the burden by doing the dissolution paperwork for you.

If you would rather do the paperwork yourself, you can find it here.

How to Close an LLC or Corporation

A company begins with Articles of Incorporation when it is formed, therefore it makes sense that Articles must be filed to dissolve a company that has been in operation. Without filing the proper paperwork, the business owner will continue to be liable for taxes and other state requirements. Fortunately, closing a company is really a matter of paperwork.

Business dissolution is primarily an act of filing Articles of Dissolution with your secretary of state. However, if a business is not in a sound position with the state to dissolve, other legal matters may complicate the process.

Steps to Dissolving Your LLC or Corporation

01. Hold a meeting with the Board of Directors

In this case, you want the minutes of your meeting to reflect that a vote was taken and appropriate majority (as outlined in your incorporation papers) was achieved. Those companies with shareholders will want a written documentation of this decision signed by all company owners. Some companies, such as single-member LLCs will not need to complete this step.

02. File the Articles of Dissolution

The paperwork must be completed and signed by the Registered Agent of your company. You will be issued a Certificate of Dissolution that formalizes the termination of business activity in your state. Once dissolution is properly documented, all branches in other states will automatically be dissolved as well. The dissolution of a company must take place in the state where incorporation took place.

03. Notify the IRS

This step is important because it will provide you with a “consent to dissolution” or “tax clearance” that makes the process a smooth one. It will be necessary to pay all federal and state taxes due at this time to receive this consent. This document(s) will be required by the secretary of state to achieve a formal dissolution. While we’ll help you file your Articles of Dissolution, you will be responsible for contacting the IRS to receive any tax clearances, etc.

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