With the end of the year quickly approaching, it’s a good time to tie up loose ends.  If you have a corporation, partnership or LLC that you are no longer interested in maintaining, you may want to consider winding it up before the new year which may bring additional tax/or reporting requirements.

The specific steps to dissolving a company depend on many factors including type of entity, state of incorporation,  the company’s financial situation, and whether the company is still operating.  However, most companies will need to take the following steps: 1) make sure that it is up to date on taxes, both in the state of incorporation and in any states in which it is doing business; 2) vote to dissolve the company; 3) file appropriate forms with the state and federal government; 4) pay outstanding debts and 5)  distribute in order of priority of all the company’s assets.

 

 

 

- Claire Kalia

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