This pamphlet provides an overview on the dissolution of a limited liability company (LLC). Topics included cover the reasons for dissolution, different types of dissolution, and steps needed to dissolve an LLC.
This pamphlet provides an overview on the dissolution of a limited liability company (LLC). Topics included cover the reasons for dissolution, different types of dissolution, and steps needed to dissolve an LLC.
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If you want to close a North Carolina business, you do so by voluntarily filing Articles of Dissolution for the entity type (Business Corporation, Nonprofit Corporation, Limited Liability Company (LLC)).
North Carolina requires business owners to submit their Articles of Dissolution by mail or online. Online filers must select "Submit a Filing to an Existing Entity" search for their business, and then select "Upload a PDF Filing".
Step 1: Follow Your North Carolina LLC Operating AgreementHolding a vote with LLC members to dissolve the LLC.Recording the dissolution vote in the LLC's meeting minutes.Determining the formal date of dissolution.Distribution of LLC assets.Notifying creditors and settling any business debts.
To close an LLC completely, you need to file a final tax return with the state and the IRS. Make sure you check the box to show this is the final return for the LLC. Fill out Schedule K-1 and give a copy to each member so that they know what to report on their own personal taxes in terms of losses and gains.
How long does it take the state to process the filing? Online filings are processed in 3-5 business days. Documents for LLC or corporation dissolution are processed by the North Carolina SOS in seven to ten business days when mailed.
To close an LLC, the members need to surrender the authority of the company to do business. They can do this by sending a complete Articles of Dissolution to the secretary of state. However, filing these dissolution papers is one part of closing a limited liability company.
How to Dissolve an LLCVote to Dissolve the LLC. Members who decide to dissolve the company are taking part in something called a voluntary dissolution.File Your Final Tax Return.File an Article of Dissolution.Settle Outstanding Debts.Distribute Assets.Conduct Other Wind Down Processes.
Steps to Take to Close Your BusinessFile a Final Return and Related Forms.Take Care of Your Employees.Pay the Tax You Owe.Report Payments to Contract Workers.Cancel Your EIN and Close Your IRS Business Account.Keep Your Records.