A corporate dissolution or LLC cancellation is the formal closure of your company. To legally end your LLC or corporation and make a final distribution of company assets to shareholders or creditors, you must dissolve your business with the Secretary of State in which it was formed.
Dissolutions require an officer, director or member to get shareholder or member approval prior to filing. In most states the company must be up to date with all required taxes and all annual reports filings with the state. Once your dissolution is approved, you may also need to file a Corporate Liquidation or Dissolution form with the Internal Revenue Service.
Why bother with dissolving your business? Without a formal dissolution, your company remains “active” in the state records (even if you are no longer doing business) and therefore subject to all annual reporting fees and corporate tax payment requirements.
- Check current status of the company with the state of formation.
- Prepare the Certificate of Dissolution or Cancellation, and any other required state forms.
- Pay all required dissolution fees and final taxes to the appropriate state agency(s).
We can have your company dissolved in most states in a few days. Some states can take 2-6 weeks. The sooner you take care of it, the sooner you can move on.
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