Whether your business failed to be successful, or you have decided to close up shop for some other reason, you will be approaching business dissolution. As a step in the dissolution of your business, you will probably need to file articles of dissolution. Filing these articles lets your state or other business regulator know that you are no longer running the business, and that it is effectively closed.
The articles also show that you have properly closed your business, distributed profits, and otherwise handled the stuff that comes with dissolving your business legally. Depending on where you live, you will have to file differently. Sometimes it is called a notice of dissolution, this is more like a formal letter to the secretary of state. It is simply a body of text stating your intent to dissolve, as well as informing the recipient that all debts have been payed, and all parties compensated. This is, naturally, the easiest way to handle dissolution. A notice of dissolution of a business to debtors and creditors does essentially the same thing as a notice of dissolution, however it requires a more in depth explanation, usually laid out in bullet points.
A notice of intent to dissolve a company Is an even more in depth way to dissolve your company. It goes beyond bullet points and is effectively divided into sections, which contains extensive information on your company and management. Finally, the last way to file for dissolution is to file full articles of dissolution, which is broken into five sections:
1. The name of your LLC
2. That all debts, liabilities and obligations have been paid or discharged
3. That all assets have been distributed throughout the company
4. A copy of a document that shows that all members with the power to do so have agreed to dissolve the company
5. The names and addresses of the managers.
All of this info must be included in the articles. As you can see, this is something that can be hard to draft on your own. As such, it is a good idea to consult with an attorney about the best way to dissolve your company. You also may need an attorney's help when it comes to determining what the state requires of you when you dissolve a company, as it varies based on where you live. These attorneys can also help you to ensure that you have paid all debts and that all debts owed to you have been paid in full, and that all of your employees have been compensated accordingly. Finally, they can give you assistance in distributing company assets properly so as to do everything by the books.