Deciding to close a business is a significant step, and ensuring it's done correctly is as important as its formation. Business Dissolution is the formal legal process of terminating your business entity's existence with the state where it was formed (and potentially where it was "foreign qualified" to do business). This process officially ends your legal obligations as an entity and protects you from future liabilities.
What is Business Dissolution?
Dissolution is more than just closing your doors; it's a multi-step legal process that formally winds down your business. It typically involves:
- Member/Shareholder Approval: Obtaining the necessary internal votes or consent to dissolve the entity, as dictated by your Operating Agreement or Bylaws.
- Filing Articles/Certificate of Dissolution: Submitting the required legal document with the state's Secretary of State (or equivalent) to officially terminate your entity's existence.
- Winding Up Affairs: This crucial phase involves:
- Notifying creditors and settling all outstanding debts and obligations.
- Filing final tax returns (federal, state, local).
- Canceling business licenses, permits, and EIN.
- Distributing remaining assets to owners/shareholders according to your internal agreements and state law.
- Maintaining essential business records for future reference.
Failing to properly dissolve your business can lead to serious consequences:
- Ongoing Fees & Taxes: Your business may remain liable for annual report fees, franchise taxes, and other obligations, even if it's no longer operating.
- Loss of Good Standing: Your entity can fall out of good standing, potentially leading to administrative dissolution or further penalties.
- Personal Liability: Without official dissolution, your personal assets could remain vulnerable to business debts and liabilities.
- Legal Complications: Creditors or government agencies may pursue claims against a seemingly active, but informally closed, business.
Business Dissolution
Navigating the intricacies of business dissolution, which varies significantly from state to state, can be overwhelming during an already challenging time. Our Business Dissolution Service ensures a smooth, compliant, and legally sound closure for your entity.
- Nationwide Expertise: We provide comprehensive dissolution services for LLCs, Corporations, Non-Profits, and Partnerships in all 50 U.S. states. We understand the specific filing requirements and steps for each jurisdiction.
- Compliance & Protection: We meticulously prepare and file your dissolution documents, helping you formally terminate your entity's legal existence and minimize your risk of ongoing liabilities and penalties.
- Simplify a Complex Process: From preparing the necessary resolutions to filing the final paperwork with the state, we handle the administrative burden so you can focus on winding down operations and moving forward.
- Accuracy & Efficiency: Our experienced team ensures your dissolution documents are accurate and submitted correctly, avoiding common pitfalls and potential rejections from state agencies.
- Peace of Mind: Gain the assurance that your business is officially and properly closed according to state law, freeing you from future obligations related to that entity.
- Guidance on Next Steps: While our service focuses on the state filing, we can provide general guidance on other critical winding-up steps, such as notifying creditors and tax agencies.
At Business Money Guru, we are committed to facilitating a proper and compliant dissolution of your business entity. Please review our refund policy for this service carefully.
1. Our Service Fee: Refund Eligibility
- Before Submission to State: If you choose to cancel your Business Dissolution service request before we have prepared and submitted your dissolution document (e.g., Articles/Certificate of Dissolution) to the relevant state authority, you are eligible for a full refund of our service fee. To cancel and request a refund, you must notify us in writing via email at info@businessmoneyguru.com.
- After Submission to State: Once your dissolution document has been prepared and submitted to the state on your behalf, our service fee becomes non-refundable. This is because our service has been rendered at that point, having completed the work of preparing and submitting your official dissolution filing.
2. State Filing Fees and Third-Party Fees: Non-Refundable
- All government filing fees (state fees) are strictly non-refundable once they have been paid or submitted to the state. These fees are collected by the respective government agencies, not by Business Money Guru, and are non-recoverable once paid.
- Should a dissolution filing be rejected by the state due to your entity not being in good standing (e.g., missed annual reports, unpaid taxes) or due to incorrect/incomplete information provided by you, any state filing fees paid will typically not be refunded by the state. If re-submission is possible after resolving the underlying issue, an additional service fee from us may apply for the re-submission process.
3. Client Responsibility & Necessary Pre-Steps:
- You are responsible for ensuring your business has completed all necessary internal actions prior to our filing (e.g., obtaining member/shareholder approval, winding up business affairs, settling debts, filing final tax returns, canceling licenses/permits, if required by your state). Our service focuses on the state filing itself.
- You are responsible for providing us with accurate, complete, and truthful information required for your dissolution filing.
4. Our Responsibility & Limitations:
- Our service is limited to the accurate preparation and submission of your dissolution document based on the information you provide.
- We cannot control the processing times of state agencies. Refunds will not be issued due to state processing delays.
- We do not provide legal, accounting, or tax advice related to the winding down of your business, the settlement of debts, or final tax obligations. We strongly recommend consulting with a qualified attorney and tax professional for specific guidance in these areas.