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For a company to truly terminate its existence, it needs to file
Articles
of Dissolution with the state where it was formed. This notifies
the Secretary
of State that the corporation or LLC will no longer be in
existence or functioning. The exact requirements for filing Articles
of Dissolution vary depending on the jurisdiction, but it is
important that they are filed.
Without filing the Articles of
Dissolution the state will not know that the business is no longer
in existence. In addition, filing the Articles of Dissolution will
stop fees that would normally be due if the business were operating.
This is a formality that may seem painful, but it can actually end
up saving a business-owner money in the long run. If several years
go by without dissolving a company, the company can be assessed
hundreds, and maybe even thousands, of dollars in fees and
non-compliance penalties. Other possible penalties include continued
tax liability, continued personal liability, inability to distribute
assets, need to file annual
reports, and future liability from the products and services
sold by the entity. No business owner wants the insult of more fees
and penalties added to the injury that comes from having to close a
business.
MyCorporation can help file the Articles
of Dissolution for submission to the appropriate state agencies.
This can help alleviate the headache that comes from having to wade
through these documents and file them with by yourself or using the
costly services of an attorney. It will also save you money in the
long-run.
Call MyCorporation today and speak with one of our
customer service representatives about how we can help.
1(888)692-6771 |
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