Whatever the reason — some companies must “close the door” and stop doing business. Without formally terminating a corporation or LLC, owners could still be charged fees associated with the business. A Corporation or LLC must file Articles of Dissolution (sometimes referred to as Certificate of Dissolution or Certificate of Cancellation) when it needs to terminate its existence. As we near the end of the year, there are many benefits to dissolving before 2011.
There are four main benefits if you dissolve before the 2001. First you will avoid paying 2011 taxes. Even if you dissolve on January 1, you may still pay 2011 taxes. Second, you also avoid filing requirements as well as the cost associated with reporting requirements. Third, dissolution is the only legal way to close a business. Closing the doors or ceasing business activity is not a legal method, and therefore fees and taxes may still accrue. Finally, if your corporation is still active you are still subject to business lawsuits. Dissolution will help you avoid these possible headaches.
MyCorporation can help quickly and efficiently dissolve your business in five easy steps:
1. Fill out and submit the Articles of Dissolution order form.
2. You will find requests for standard contact, billing, and authorization information, plus specific requests regarding your entity type and status, and your corporate office and director information.
3. We’ll complete the necessary documentation for filing and will forward them to you for your signature.
4. You send them back to us and we will file with the state.
5. Once filed with the Secretary of State, the approved documents will be sent via UPS for your records.
MyCorporation will prepare your Articles of Dissolution for review and submission to the appropriate state agency in any of the 50 states. Learn more about dissolution HERE.