Closing off a dormant corporation / limited liability company can save the business for further liability and loses. Closing off a corporation / limited liability company is USA requires articles of dissolution which ends going concern of the business. Owners of the corporation/ company has to file articles of dissolution to the state, this not only saves the organization from further fees and liability but also gives the owner a sense of closure and responsibility waiver.
Corporation / Limited Liability Company:
In the case of corporation, individual submits articles of incorporation to start a corporation to the state. In case of Limited Liability Company, individual has to submit articles of organization to the state. Articles of dissolution are completely opposite to both of these documents. Articles of dissolution cease the existence of the business.
Process of Dissolution:
To dissolve a legal entity, voting of the shareholders is the first step. Approval of the shareholder is necessary if the company is looking itself to be dissolved.
Creditors are sent a notice to provide with their financial claims over the company in a certain period of time. After the certain period of time has passed, company cannot be stand liable to pay any more debt.
A document from the federal and state tax regulatory bodies have to be obtained which assures that all the liable taxes are already paid.
Articles of Dissolution
You can fill out the form of articles of dissolution and submit it to the relevant body in charge of company filing. Secretary of state is normally that body in most states.
WeAccountax being one of the best financial services firm in USA, provides articles of dissolution services. Taking responsibility from the first step to last and covering the entire procedure with quality service.