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Cancellation or Dissolution of Corporation, LLC and other Entities

 
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Category : > Dissolution
Posted On : Sat Aug 29th,2009

 
When a business entity is no longer doing business or even if it was never used for anything, it is very important that it follows the legal steps in "winding itself up" as a legal entity.
 

Dissolution of business could be for variety of reasons for example: bankruptcy, retirement, or a change in career direction. When a business entity is no longer doing business or even if it was never used for anything, it is very important that it follows the legal steps in "winding itself up" as a legal entity.

A business Corporation, S Corporation or an LLC is an entity created under authority granted by the state. Its existence may only be terminated by the state. The Business Law provides a procedure for dissolving a corporation or an LLC. All legal entities can only be dissolved through formal action, not by a letter or phone call. You remain liable for all taxes, assessments, fines, penalties and interest until you receive a certificate of dissolution from the Secretary of State.

There are typical actions that are taken when closing a business on Federal and State Level:
Federal (IRS)

    * You must file an annual return for the year you go out of business.
    * If you have employees, you must file the final employment tax returns.
    * Make final federal tax deposits.
    * File final quarterly or annual employment tax form.
    * Issue final wage and withholding information to employees.
    * Report information from W-2s issued.
    * File final tip income and allocated tips information return.
    * Report capital gains or losses.
    * Report partner's/shareholder's shares.
    * File final employee pension/benefit plan.
    * Issue payment information to sub-contractors.
    * Report information from 1099s issued.
    * State (Where your business is formed):
    * You must file an annual return for the year you go out of business.
    * If you have employees, you must file the final employment tax returns with your State.
    * Make final State tax deposits.
    * File final quarterly or annual employment tax form.
    * If you collect Sales Tax in your State. File final Sales Tax Return.

 

If you are ready to order for dissolutuion or cancellation of your company please click order now button or for additional information read more. You can also use our 24/7 live chat service for free consultation or toll free +1 (866)754 4460

 

  


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Comments (13)
Ramanjeet Kaur   wrote on : Mon Sep 14th,2009
Soham Consultants Inc. was formed in 2008 but was never used for any transaction. Did not even have a bank account. It was simply registered and left alone. I would now like to dissolve this company. Looking for a simple way to do this.
randall biggar   wrote on : Thu Sep 17th,2009
what do i do if i want to keep the llc ,but two members wish to leave to do other things,
Janet gilmore   wrote on : Wed Dec 02nd,2009
Is paperwork provided by state of missouri to disolve a llc
InfoTaxSquare.com   wrote on : Thu Dec 03rd,2009
Dear Janet, When you dissolve your company with the state of Missouri, the state sends you a certificate as a proof of dissolution.
InfoTaxSquare.com   wrote on : Sat Dec 05th,2009
Ramanjeet Kaur :We have online form available to dissolve corporations and limited liability companies. One you filled out those forms we will dissolve it on state and federal level. If you have any technical question about dissolution please either call us at 516.822.3100 or email us at support@infotaxsquare.com. We will reply you within 24/48 hours.
InfoTaxSquare.com   wrote on : Sat Dec 05th,2009
Randall Biggar Question:what do i do if i want to keep the llc ,but two members wish to leave to do other things? Answer: If you are still willing to keep your LLC then you got to file an annual report. Anyway every state has it's own rules and regulations to follow. To advise you properly we need to know which state are you in? Please either give us a call at 516.822.3100 or send us an email at support@infotaxsquare.com
InfoTaxSquare.com   wrote on : Sat Dec 05th,2009
Janet gilmore: Question:Is paperwork provided by state of Missouri to dissolve a llc? Answer: InfoTaxSquare.com prepare all documents and send you for signature and review before filing for dissolution.
CMCRN & ASSOCIATES, PLLC   wrote on : Tue Dec 08th,2009
My name is Carol McCorkle. I am the legal owner of CMCRN & ASSOCIATES. I have no employees. Because of medical reasons I was not able to continue my business at a working level for a couple of years. There has been no income, only losses with regard to the phone bill and the yearly filing fee. In order to continue to work my business, I will need to take a refresher course at which time I am not prepared to do. When the time comes to resume my business venture, I will do so under a different name and follow the proper procedures to do so. Please advise me on how to dissolve my present business venture the legal way. Thank you. E-mail address: clent49079@aol.com. My mailing address is 40790 Riverdale Drive, Paw Paw, MI 49079
Reply : infotaxsquare.com
 
Dear Carol, We have online forms available on our website at www.infotaxsquare.com. To dissolve your company please use this link to order: https://www.infotaxsquare.com/forms/articles_of_dissolution.php
Thanks, Infotaxsquare.com


anthony   wrote on : Thu Jan 21st,2010
i am simply trying to get a certificate of dissolution online for nys, so i can print one out. thats all i need
Reply : infotaxsquare.com
 
Dear Anthony:
Thanks for choosing InfoTaxSquare.com for your business needs. You can not just dissolve your corporation or an LLC online. If you want to dissolve your corporation first you have to obtain consent from the state then only dissolution can be filed. We help our clients to dissolve companies in all 50 states. To retain us for dissolving your company you can fill out the online form by using one of the following link.

Corporation dissolution:
http://www.infotaxsquare.com/forms/articles_of_dissolution.php?isCorp=yes

LLC Dissolution Link:
https://infotaxsquare.com/forms/articles_of_dissolution.php

For live assistance please call us at 516.822.3100!

InfoTaxSquare.com
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Department!



terrie terrill   wrote on : Wed Apr 21st,2010
I need to find out what we need to sign off a 50% L.L.C pardner . What paper work do I need.
Reply : infotaxsquare.com
 
Dear Terrie Terrill:

Thanks for choosing InfoTaxSquare.com for your business needs. Your question is not clear. Please reply in detail.

InfoTaxSquare.com

Business Documents
Filing!


jack duff   wrote on : Wed Apr 06th,2011
how much or close guess on state fees on an llc that is filling bankrupcy
Reply : infotaxsquare.com
 
Dear Jacj,

Thanks for choosing InfoTaxSquare.com for your business needs. What state your LLC is? Please advice.

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Pat LaVenture   wrote on : Sat Jan 07th,2012
I retired 2005. Always had taxes done by tax preparer. I had no idea that I had to file anything every Year. Notice from IRS, I owe $2136. In penalties for not filing. I then filed the required forms for 06, 07 & 08. It was a corp.. They waited until now, not to help or inform, but Like a vulture, just demand the $ or else. I have written letters, which cross in the mail. Are suppose to know all rules? This just not seem fair. I had a small store & one part time employee.
Reply : infotaxsquare.com
 
Dear Pat:

Thanks for considering InfoTaxSquare.com for your business needs. You have couple of issues and would suggest you to please call us at 516.822.3100 to discuss in person.


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Dennis   wrote on : Fri Jan 25th,2013
My name is Dennis, In 2010 a friend and I started a LLC. I had no experience, but he did,so he filed the articles of organization. In 2012 we had a accident and are insurance co.would not cover the claim saying it was a act of god. But are customer wanted us to pay for the damages it was a large amount so my friend panicked. He wanted to close it down. I had a different idea and wanted to keep it going. So I bought him out. But when I went to change agent and address on the LLC I found out that he already dissolved it with out my consent I could start it back up with the same name, but this is a trucking co. And there are a lot of expensive fees. I tried to fill out a certificate of correction (BCS518) but was not able to because I wasn't on the articles of organization that he filled out back in 2010. I need my ex partner to sign the certificate of correction. The LLC is in the state of Michigan. What if he does not want to sign, what can I do.
Reply : infotaxsquare.com
 
Dear Dennis:

Thanks for choosing InfoTaxSquare.com for your business needs. Your question contains some legal issues and we advice you to please contact to an attorney. To dissolve corporation or any amendment in company, you need to have consent of all members or stockholders.


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For instant news please subscribe at www.InfotaxSquare.com


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