Limited Liability Company Dissolution
A limited liability company is also known as WLL or company with limited liability. It is, as the name implies, a company that is under jurisdiction that provides limited liability to its owners.
It is a type of unincorporated associated and shares a partnership that has pass through income taxation.
To dissolve a limited liability company, you must first consider the forms necessary for the process. If you are in a partnership with regards to owning the company then you must both discuss the dissolution and work on the paperwork together.
List all your assets, everything the business owns in terms of furniture, equipments, stocks, and bonds, anything that may represent the company’s assets. List also every debt the company has accumulated since it started. After you have worked through the paper work, it is necessary to request for dissolution formally through a written description and statement that details the agreement between everyone that is involved with the company.
Now you may file the paperwork for the dissolution. Obtain the necessary dissolution forms and fill up accordingly. Work on the paperwork with your state. The dissolution form package will depend on the state you are getting it from and so does the process fee so contact your local state secretary for more information.
File the necessary IRS forms and complete the document for Corporate Dissolution and Liquidation. The division of assets may include extra taxes from income upon submission on this therefore discuss the information with your attorney or accountant before you pass the forms. There may be other requirements depending on your state and how big your Limited liability Company is.
Notify your creditors, they should be well informed of your whereabouts and how to get hold of you once you have dissolved your company. Assign your attorney and accountant to create a notice that will explain the process you are going through to dissolve your LLC. Include and explain all aspects in detail, addressed to your editors. Arrange how you plan on settling your debts if any with them and keep them well informed on how to reach you.
By this time you may start liquidating your assets. Once you have all the essential documentation you may now start liquidating everything from the business. Contact people that may want to purchase certain furniture and items from you. Advertise that these are up for grabs at the local newspaper or magazine or even online. Contact real estates and realtors to put things up for sale. Divide cash among the partnerships you have created in the business.
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