GETTING STARTED IS SIMPLE AND EASY
Our three-step process is made to save your time and efforts.
Complete our Online Form
Fill basic information about your company in the form provided. It is a very quick and easy process. All your information would be kept secure and confidential.
We file the Documentation
Our expert will prepare on your dissolution papers
Receive your Approved Documents
As soon as your incorporation documents get approved by the Secretary of the State, you will get your complete Dissolution approved documents via your e-mail and post.
Dissolving a company means to officially declare the closure of the business. It is more like locking of your home doors, to go for a month vacation. All the assets and liabilities should be properly handled just like an executor would settle the debts of a deceased relative. The process involves filling ‘Articles of Dissolution’ with the relevant State Agency.
FastIncNow as a leading corporate dissolution service provider would provide expert advice and prepare the requisite “dissolution paperwork” to the adequate authority.
Make dissolution easier for you with FastIncNow’s dissolution filing services
Dissolving a corporation or LLC requires comprehensive compliance with several regulatory requirements and can be tiresome and time consuming. Let FastIncNow handle your dissolution documents, so you can concentrate on other business activities.
Prevent additional state fees
The process of dissolution is itself extremely complicated and time consuming and may take weeks, even months to complete. A specialist document filing agency like FastIncNow facilitates dissolution and makes the entire process easy, hassle free and quick.
Save time, save money with FastIncNow’s unmatched services
Dissolution filings can be extremely complicated, time consuming and may take weeks, even months to complete. A specialist document filing agency like FastIncNow facilitates dissolution and makes the entire process easy, hassle free and quick.
Frequently Asked Questions
A Corporation is marked as inactive, do I still need to dissolve the corporation?
Inactive Corporations have a legal existence, but it they don’t conduct any business operations. A Corporation may be inactive, but it still has tax obligations with the state and the federal authority. Not to mention, there are some state reporting requirements they need to fulfill. To avoid these penalties and fines, you need to dissolve your Corporation formally.
Is dissolution process important?
Yes, the whole dissolution process is extremely vital. It is essentially relevant that you dissolve the business formally by filing the ‘Articles of Dissolution’ with the State where your business is incorporated. If you don’t file it by due time, your company’s termination date will not be available in State’s official records and your business will get exposed to unnecessary recurring fees and taxes.
What are the requirements for Article of Dissolution?
The corporation or LLC you are going to dissolve must not bear accruing federal or state taxes or impending annual reports. It must be in good standing with the state of incorporation. If your company isn’t in ‘Good Standing,’ a reinstatement is mandatory to proceed with the dissolution process.
Do I need to dissolve in every state my business is currently registered?
Yes, if your business has acquired ‘foreign qualification’ to function as a registered company in other states, you need to file for dissolution process in each one of them.
Why might a business dissolve?
A business may dissolve for basic reasons such as poor inflow of cash, bankruptcy or unsustainable debts and liabilities. Alternatively, there may be some complex reasons like disagreements between members or long-term mismanagement. It is important to realize that a business may shut down its operations abruptly but it won’t dissolve on legal grounds.
Will the LLC dissolution filing also notify the IRS that the business is closed?
No, the filing of the ‘Articles of Dissolution’ occurs with the State Agency. It is important to realize that you need to notify the IRS of the dissolution of your company separately. IRS will provide you with an appropriate ‘tax clearance’ document or a formal consent for dissolution of your company. The State Secretary will require this document from the IRS to proceed with the dissolution of your business.
What steps should I take when dissolving my business in order to minimize any risk to my personal assets?
While you dissolve your business, you need to take care of many things. Most important of them are:
- Timely file documents for dissolution and withdrawal.
- Clear all your federal and state taxes. It includes your income tax, sales tax, employment tax among many others.
- Cancel all your permits and business licenses with the authorities in due time.
Is the dissolution process for a limited liability different than that for a corporation?
Yes, the process for dissolving an LLC or a Corporation is the same. The only difference being, in LLCs, the members grant permission for dissolving the business. On the other hand, you require approval from shareholders in a Corporation for doing the same.
What happens to assets when you dissolve a business?
In both LLCs and Corporations, members and the shareholders get a limited liability protection. Therefore personal assets do not amount to liquidation. To begin with, in an LLC, after a formal dissolution of the company, all the assets of the LLC gets liquidated or used for fines and tax obligations. In the meantime when a Corporation dissolves voluntarily, shareholders liquidate the corporate assets. With this in mind, all the remaining assets, if any, are given to other shareholders. Consequently, the company uses these assets for paying impending federal and state taxes.