All good things must come to an end at some point. When the life of a business is over the state needs to be notified with a Dissolution filing.
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When closing a business, it is not enough to just shut your door or take your website offline. In order to legally close a corporation or LLC with the Secretary of State, Articles of Dissolution need to be filed.
Filing dissolution paperwork with the state informs them you are no longer conducting business. Once the dissolution is completed, final taxes and liabilities need to be paid and assetts are distributed to appropriate parties.
Is a Corporation/LLC required to file a dissolution even if it never conducted business?
Yes, whether a corporation/LLC has been in business for 30 years or 1 day it is required to file a dissolution with the state if the business is closing. For companies in existence less than a year it may be less complicated but it is still required.
If the company never made money does it still have to file a final tax return?
Generally a company will still need to complete a final tax return even if it never made money (for specific tax requirements in your state please contact your accountant).
What happens if a corporation or LLC never formally dissolves with the state?
Failure to properly dissolve a corporation or LLC with the state may cause:
- Tax Implications – the company may still be responsible for tax filing even though they are not conducting business.
- Asset Distribution Issues – Assets are not allowed to be distributed to the appropriate parties until the company is properly dissolved.
- Personal Liability Implications – Owners and shareholders may be held personally liable for the debts and taxes of the company.
- State Requirement – for states that require annual reports, fees and penalties will continue to accrue. These fees are required to be paid prior to dissolving the company.
What is the process once an order is placed with DoMyLLC?
- Review & Processing – Your order will be reviewed and processed by one of our document filing specialists.
- Signature – Documents need to be signed.
- State Approval – the documents will be sent to the state for approval.
- Completion – Once we receive the final paperwork back from the state, we complete your order and send the final documents for your records.