When a company that is filed in multiple states decides to close in one of those states, a LLC or corporation withdrawal is needed. A corporate withdrawal tells the state, “We are not going to operate or have a location in your state anymore but the company is still active in other states.
In order to conduct business in a state other than the one the company was formed in, an LLC or corporation must register to do business as a foreign entity in that state. If and when the company decides to cease business operations in the foreign state, it must file for LLC or corporation withdrawal in order to formally and legally close its operations in that state.
Failure to Withdrawal
So what happens if your company fails to file for withdrawal as a foreign entity?
- The company will continue to be responsible for annual report filings and tax obligations in that particular state
- Failure to file a LLC or Corporation withdrawal can lead to the company not being in good standing which means they are:
- Not able to conduct legal business in court, including lawsuits
- Liable for fees and penalties to the state
- Prohibited from conducting any further business in the state
- LLC members continuing to have tax records connecting them to the corporation
Business owners often focus on the procedures associated with forming, opening, and operating a business, but they neglect to think about the process for closing one. This process requires the same amount of thought, care, and attention as the others.
Why choose DoMyLLC?
LLC or Corporation Withdrawal is a very important undertaking, so you need a company that has trusted experts to help you through the process and ensure everything is handled properly and in a timely manner. DoMyLLC is experienced in all of the nuances of corporate withdrawal, and we’ll ensure that the right paperwork is completed and completed on time.
We offer customized support for your needs, including:
- 100% satisfaction guarantee
- Competitive pricing
- Price-match guarantee
- Live support online or by phone
Hassle Free Process
Our simple, two-step process streamlines the process of filing for withdrawal. You simply place your order and verify all submitted forms for accuracy, then sign the forms, and we take care of the rest by filing the paperwork with the state and paying any applicable fees.
We’ll then send a copy of the paperwork via email and FedEx so you have it for your records.
The speed with which we can accomplish complex legal filings makes us the first choice among anyone seeking to form or withdraw a corporation.
Begin the process of withdrawing a corporate entity today by calling 888-366-9552 or