Just like starting a new business, closing the doors of existing one is also a long process. There are set of rules in different companies which you need to follow before dissolving or winding up your business. If you are also caught up in a situation where you want to close your business but don’t know how to go about it, here is a list to help you out.
Get approval from all the partners and share holders
Dissolving a company becomes a hectic task especially if it has a number of shareholders. It will also become essentially eerie if it operates in different countries. You might get confused as to which countries law you are bound to follow. Wherever the company is, you start getting a signed affidavit from all the shareholders including your partners giving approval for the process. Once this process is done, you can go ahead with the next step.
Notify secretary of state
You need to file an appropriate form in IRS once you are done with the approval process. After this IRS process, you need to inform, the secretary of state about your plans to dissolve. This normally happens with either article of dissolution or a notice of intent to dissolve. You should also notify the secretary of state about your trademarks if any and if you are willing to sell it.
Obtain a good standing certificate from your tax collector
After meeting IRS officials and secretary of state your next step is obtaining certificate from your tax collector. Once this step is done, you can move ahead with publicly giving statement about your company closure along with publication in some specific newspapers and magazine.
Pay the debt if any
Mostly you would want to dissolve only if you are facing some financial problems inside the company or some kind of debt that needs to be paid off. In such cases once the company is dissolved, you take your assets and sell the shares that were common to pay off the debts. The remaining of what is left in your company is distributed among the shareholders.
Inform secretary about debts being paid
Once all your debt is paid, you should go and inform secretary of state about the same. This is one of the most important steps in this process which should be carried properly.
Take professional help
Though it might seem a cake walk but being a legal process, it has a lot of stretches and loopholes. You need a professional agent to help you with your dissolution process. Always make sure you are going ahead with reputed individual or firms. If you are in Palm Harbor and looking for one such company you should go ahead with Palm Harbor business attorney.
They will guide you about your obligations, legal liabilities, and debts. From the starting of dissolution process to the very end of debt being paid off, they will help you and guide you in each stage.
Finding a professional attorney to help you out with dissolution problem is as crucial as finding one to get the business started. Since the laws and legal matters have lots of complications, it is always better to leave that job to professionals for hassle free winding.