A corporation or LLC can be terminated for numerous reasons. It may no longer be profitable, you may have moved on to a new venture, or you may be divested of its assets. Fortunately, you will no longer have to file tax returns or other obligations associated with operating a business once your entity has been terminated. However, the decision to shut down your company, if you have poured your heart and soul into building it, might be difficult at times.
How to Close an LLC or Corporation
Articles of Incorporation are filed when a company is established, therefore it makes sense that the Articles would be used to dissolve an operating company. Filing the correct documentation is crucial in order to avoid paying taxes and meeting other state standards. Fortunately, closing a business is relatively simple. When Articles of Dissolution are filed with your secretary of state, you are officially shutting down your business. However, other legal issues may arise if the firm is not in sound standing with the state.
Steps to Dissolving Your LLC or Corporation With Business Globalizer
Hold a meeting with the Board of Directors
File the Articles of Dissolution
Notify the IRS
Closing of all credit lines and accounts
How Business Globalizer Can Help You
Business Globalizer can help you all the way from company formation to company dissolution. Including your business Filing