Forum Index > How to Close an LLC Business

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File the PaperworkLike so many business procedures, closing your company involves paperwork. The most important is your state's form for dissolving an LLC. You should be able to find and download it from your state's website. Fill it out and send it in, preferably via certified mail so you can be certain it arrives. The state Dt5FW6a9x will send you back a certificate of dissolution or similar document.

If you're registered to do business in other states, cancel those registrations as well. Also file to cancel any fictitious names your company has used.

Settle Your DebtsOne of the advantages of an LLC is that you're not personally liable for your business debts. Your creditors can only collect from LLC assets, not your own. However there are exceptions. For instance, if you personally guaranteed any of the company debts, creditors can sue you if the company closes with the debt unpaid.

TaxesLLCs don't usually pay income taxes you report your share of business income on your own tax forms but they do pay other types of tax. These debts need to be settled first. Most important is payroll taxes on any LLC employees. If you don't pay those, the IRS can pursue you for the money regardless of the LLC liability shield. cheap jerseys You also should pay the state any sales tax you've collected.

The IRS has a list of downloadable tax forms for businesses closing available online.

EmployeesYour employees are entitled to pay up to the last day they work. It's possible you may have to pay them for unused vacation time as well, depending on state law.

CreditorsYour creditors should be paid out of your remaining assets. If the company's cash and sellable assets are worth less than your debts, some of your creditors may not have their obligations satisfied.

Dispose of Your AssetsIf you have any cash or assets remaining after everyone gets paid off, the owners divide them according to their shares of the company. At this point, the company doesn't exist, either legally or physically. http://circuitsage.com/blogs/blog_view&blog_id=148413

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