General Process
There are steps to dissolve a corporation in Indiana. A resolution must be passed by the board of directors or shareholders authorizing the dissolution. All debts and liabilities of the corporation must be paid off. Once approved, Form IT-966 is a notice of dissolution. To dissolve, businesses must file with the Indiana Secretary of State first. The steps to dissolution must comply with Indiana state law and follow your LLC’s operating agreement. After dissolving, review FAQs to ensure all processes have been completed correctly.
To legally end your LLC or corporation and distribute assets, dissolve with the Secretary of State it was formed in. Get shareholder or member approval first. File a Corporate Liquidation or Dissolution form with the IRS. Properly dissolving ensures the LLC cannot conduct business, avoiding liability. Keep records for seven years in case of issues from dissolving. The name becomes available after a period when dissolved.
Specific Steps for Indiana Corporations
To dissolve your Indiana Corporation, file Indiana Form 34471, Articles of Dissolution with the Secretary of State, Corporations Division. You can also file for dissolution online using an IN.gov payment account or pay by credit card.
You can hire a professional service provider to file your Articles of Dissolution. For instance, Incfile prepares and files the Articles to the state for $149 + State Fees.
When the Indiana Secretary of State approves the closing of an IN Corporation, the corporation is officially dissolved. If the Indiana Corporation does not meet its obligations, such as filing reports or paying taxes, it could be subjected to penalties.
Filing the Articles of Dissolution
- File Articles of Dissolution with the state – Business entities in Indiana need to file Articles of Dissolution, with the Corporations Division of the Secretary of State by mail or in person. Corporations that have not conducted business yet have to use Form 39035 Articles of Dissolution Prior to Issuing Shares or Commencing Business.
File the dissolution paperwork: Once your corporation’s members have agreed to dissolve, reach out to the Indiana Secretary of State and fill out the appropriate Articles of Dissolution. Fulfill your tax obligations: Your corporation will need to pay any taxes due to the IRS and the Indiana Department of Revenue. This can be a multi-step process as you liquidate assets and pay any creditors. Cancel licenses and close accounts: If your corporation maintains any licenses or permits, cancel them to avoid renewal fees. Also, close down accounts with vendors and your bank (once finances are settled).
To dissolve your LLC in Indiana, submit one original and one copy of the Indiana Articles of Dissolution (Form 49465) to the Indiana Secretary of State (SOS) by mail or in person. Articles of Dissolution can also be filed online.
Getting a Certificate of Existence
If you need a certificate of good standing or a certificate of existence in Indiana, request it from the Secretary of State.